证券代码：603166 证券简称：福达股份 公告编号：2025-035 桂林福达股份有限公司 关于以非货币资产出资设立全资子公司 并注销全资子公司和分公司的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： ●对外出资标的：桂林福达驱动科技有限公司（暂定名）。 ●对外出资金额：公司拟以非货币资产出资新设全资子公司，即以桂林福达股 份有限公司新能源电驱科技分公司业务所涉固定资产、在建工程及无形资产进行出 资。根据中京民信（北京）资产评估有限公司出具的《桂林福达股份有限公司拟对 外投资涉及的桂林福达股份有限公司部分资产价值资产评估报告》〔京信评报字 （2025）第 400 号〕，该部分资产于评估基准日 2025 年 5 月 31 日所表现的市场价 值为 47,491.65 万元（含税）。据此，公司拟以非货币资产出资金额 47,491.65 万 元，其中 47,000.00 万元计入新设全资子公司注册资本、剩余 491.65 万元计入资本 公积（相关税费按行政主管部门认定计入）。 ●拟注销的子、分公司：全资子 ...

二、董事会会议审议情况 1、审议通过了《关于以非货币资产出资设立全资子公司并注销分公司的议案》。 同意公司以非货币资产出资设立全资子公司桂林福达驱动科技有限公司（暂定 名），同意注销桂林福达股份有限公司新能源电驱科技分公司。 证券代码：603166 证券简称：福达股份 公告编号：2024-034 桂林福达股份有限公司 第六届董事会第二十五次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 桂林福达股份有限公司（以下简称"公司"）第六届董事会第二十五次会议于 2025 年 6 月 23 日在公司三楼会议室采用现场和通讯相结合方式召开。本次会议通知 于 2025 年 6 月 13 日通过电话、电子邮件发出，会议由公司董事长黎福超先生召集 并主持，应出席本次会议的董事 9 名，实际出席会议的董事 9 名，其中 4 名董事通 过通讯表决方式参会，公司全部监事及高级管理人员列席了本次会议，本次会议的 召集、召开及出席的人员均符合《公司法》等有关法律、法规、部门规章和《公司 章程》的规定，合法、有 ...

Group 1 - The company plans to establish a wholly-owned subsidiary, Guilin Fuda Drive Technology Co., Ltd., to optimize its organizational structure and business layout, enhancing overall operational efficiency [1] - The new subsidiary will take over the business of Guilin Fuda's New Energy Electric Drive Technology branch, which will be subsequently dissolved [1] - The company intends to contribute non-monetary assets valued at 475 million yuan (including tax) to the new subsidiary, with 470 million yuan allocated to registered capital and the remaining 4.9165 million yuan to capital reserves [1] Group 2 - The company aims to further integrate existing resource allocation and optimize internal management by dissolving Changsha Fuda Crankshaft Co., Ltd. and Guilin Fuda's Taicang branch [2] - The business originally planned to be conducted by Changsha Fuda Crankshaft Co., Ltd. will be transferred to the wholly-owned subsidiary, Xiangyang Fuda Crankshaft Co., Ltd. [2]

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Investment Rating - The report maintains a positive outlook on the automotive industry, recommending a focus on strong domestic manufacturers such as BYD, Geely, and XPeng, as well as companies involved in smart technology and state-owned enterprise reforms [3][4]. Core Insights - BYD is expected to see a significant increase in overseas sales, with exports projected to exceed 800,000 units due to strong demand for hybrid products and improved cost efficiency [4]. - Tuhu has shown a U-shaped recovery following strategic adjustments, with same-store revenue accelerating and market share increasing despite industry pressures [3][4]. - Great Wall Motors is anticipated to maintain stable profitability through new model launches and strong contributions from its Tank series and overseas markets [3][5]. - Leap Motor's sales are rapidly growing, driven by new models and cost reductions, with expectations for improved margins from localized production in Europe next year [3][5]. - Dual Ring Transmission is solidifying its market position with a focus on high-speed, high-end products and successful overseas expansion [3][6]. - Ju Yi Technology is seeing improved order quality and profitability, with expectations for its electric drive business to exceed forecasts [3][6]. - Fuda's crankshaft business is positioned well in the hybrid market, with a strong demand outlook and potential for breakeven in its electric drive gear segment [3][7]. Summary by Relevant Sections BYD - Expected to resolve account period issues without significant cash flow impact, with Q2 single-vehicle profitability remaining stable due to cost reduction and scale effects [4]. Tuhu - After strategic adjustments, Tuhu's same-store revenue is recovering, with plans to continue expanding its store network by approximately 1,000 stores annually [3][4]. Great Wall Motors - The company is focusing on new model launches to enhance its market presence, particularly in the mainstream vehicle market [3][5]. Leap Motor - The introduction of three new models is driving rapid sales growth, with cost control measures in place to maintain overall gross margins [3][5]. Dual Ring Transmission - The company is expanding its overseas market presence and solidifying its position in high-end gear products [3][6]. Ju Yi Technology - The company is experiencing improved order quality and profitability, with expectations for its electric drive business to perform better than anticipated [3][6]. Fuda - Positioned well in the hybrid market with a strong demand outlook, the company is also making progress in its robotics segment [3][7].

证券代码：603166 证券简称：福达股份 公告编号：2025-032 桂林福达股份有限公司 关于 2020 年非公开发行股票募集资金专户注销的公告 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个别及连带责任。 一、2020 年非公开发行股票募集资金情况 经中国证券监督管理委员会证监许可[2020]1663号文《关于核准桂林福达股份 有限公司非公开发行股票的批复》的核准，本公司于2021年6月向广西农垦资本管理 集团有限公司等7名特定投资者非公开发行人民币普通股（A股）股票54,189,941股， 每股发行价格人民币5.37元，实际已募集资金总额为人民币29,100.00万元，扣除各 项发行费用合计人民币792.85万元后，实际募集资金金额为28,307.15万元。该募集 资金已于2021年6月30日到位。上述资金到位情况业经容诚会计师事务所（特殊普通 合伙）容诚验字[2021]230Z0143号《验资报告》验证。 二、2020年非公开发行股票募集资金管理情况 2021年7月12日，公司与全资子公司桂林福达重工锻造有限公司与桂林银行临 ...

从指数持仓来看，上证财富中小盘指数十大权重分别为：福达股份（1.41%）、有方科技（1.29%）、 迈信林（1.06%）、豪能股份（0.92%）、晶华新材（0.92%）、新坐标（0.88%）、春风动力 （0.88%）、华培动力（0.88%）、海南华铁（0.86%）、浙江自然（0.83%）。 金融界6月9日消息，上证指数高开高走，上证财富中小盘指数 (沪财中小，000091)上涨1.04%，报 11965.17点，成交额338.75亿元。 数据统计显示，上证财富中小盘指数近一个月上涨2.05%，近三个月下跌0.26%，年至今上涨8.79%。 据了解，上证财富中小盘指数旨在沪市中小市值上市公司中，选取财富增长速度最快的200家上市公司 证券作为指数样本，并且样本权重配置与其财富增长速度的大小相适应。该指数以2004年12月31日为基 日，以1000.0点为基点。 从上证财富中小盘指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证财富中小盘指数持仓样本的行业来看，工业占比27.08%、可选消费占比25.03%、原材料占比 13.96%、信息技术占比6.91%、医药卫生占比6.86%、公用事业占比5. ...

Core Viewpoint - Fuda Co., Ltd. is investing in the new energy and robotics sectors, focusing on the development of precision gear systems for electric vehicles and robotic joint components [1][2][3] Group 1: Investment and Business Expansion - Fuda Co., Ltd. plans to invest in a new energy vehicle electric drive system precision gear project and a robotic joint component project in Pinghu Economic and Technological Development Zone, covering approximately 132 acres [2] - The company has established stable customer relationships in the new energy vehicle sector and has begun to expand into humanoid robotics [1][2] - To fund these initiatives, Fuda Co., Ltd. is selling a stake in a joint venture for 96 million yuan, with the first phase of transferring 25% of the equity already completed, bringing in 48 million yuan [1][3] Group 2: Financial Performance - In the first quarter of 2025, Fuda Co., Ltd. reported a 46.97% year-on-year increase in revenue to 471 million yuan, with net profit doubling to 65.1 million yuan [5] - The company's stock price has doubled in 2025, with a peak increase of over 157% during the year, reaching a high of 18.7 yuan per share [5] - For the year 2024, Fuda Co., Ltd. achieved a revenue of 1.648 billion yuan, a year-on-year growth of 21.83%, and a net profit of 185 million yuan, up 78.96% [5] Group 3: Market Position and Product Development - Fuda Co., Ltd. is a leading supplier of hybrid crankshafts for major automotive manufacturers, including BYD, Geely, and Great Wall [4] - The company has been actively expanding its presence in the new energy vehicle sector, achieving significant growth in its precision gear business [4][5] - The ongoing projects in the robotics field are expected to solidify the company's technological and product positioning, paving the way for commercial and scalable production [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has announced an investment agreement with the Pinghu Economic and Technological Development Zone to establish production capacity for electric drive gears and robotic joint components, which is expected to catalyze future growth in its robotics segment [6] - The company is positioned to leverage the advantages of the Pinghu industrial cluster, enhancing its competitiveness in the automotive parts manufacturing sector [6] - The company anticipates significant growth in its traditional business areas, particularly in crankshafts and precision forgings, driven by the rising demand for PHEV vehicles [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,648 million in 2024 to 3,806 million by 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5] - The net profit attributable to the parent company is expected to increase from 185 million in 2024 to 513 million by 2027, reflecting a CAGR of 32.8% [5] - The company’s earnings per share (EPS) is forecasted to rise from 0.10 in Q1 2025 to 0.79 by 2027 [5] Business Expansion and Strategy - The company is focusing on the strategic development of its robotics components business, aiming for mass production of planetary gear reducers and collaboration with Changban Technology [6] - The investment in Pinghu is seen as a significant step in expanding the company's capabilities in the robotics sector, with expectations for new client developments and production capacity enhancements [6] - The company plans to maintain a strong market position in the crankshaft segment, particularly with major clients like BYD, while also expanding its market share among other automotive manufacturers [6]

Summary of Fuda Co., Ltd. Conference Call Company Overview - **Company**: Fuda Co., Ltd. - **Industry**: Automotive components, specifically crankshafts and robotics Key Points and Arguments 1. **Production Capacity Expansion**: Fuda plans to add 1.8 million crankshafts in 2025, bringing total capacity to 4.2 million, doubling from the previous year, driven by increased orders from clients like BYD, Chery, and new client Li Auto [2][3] 2. **Revenue Growth**: The increase in crankshaft shipments is expected to generate approximately 700 million yuan in additional revenue, with a profit increase of at least 120 million yuan, leading to an estimated total annual performance of at least 320 million yuan [2][4] 3. **Strong Q1 Performance**: The company reported record profits in Q1 2025, with a projected sequential growth of 10%-15% in Q2 due to new production lines coming online [2][4] 4. **Investment in Robotics**: Fuda invested in Changban Technology, focusing on planetary roller screw design and processing, leveraging its grinding technology to enhance cost efficiency and product integration [2][4] 5. **Client Development in Robotics**: Changban Technology has made progress in humanoid service robots, collaborating with domestic companies and universities, entering the small batch sampling phase, which opens new market opportunities for Fuda [2][4][5] 6. **Market Perception Gap**: There is a significant expectation gap in the market regarding Fuda's capabilities in humanoid robotics and the pricing of its new reducer solutions, indicating potential for market valuation growth [3][7] 7. **Future Market Valuation**: Fuda's market capitalization could reach 20 billion yuan, with its main business and robotics-related business each contributing approximately 10 billion yuan [3][8] 8. **Key Milestones**: A critical milestone is expected in late June 2025, when Changban's annualized capacity of 10,000 sets will be validated, which could signal further client acquisition [3][9] Additional Important Information - **Client Order Projections**: BYD's orders are expected to rise to nearly 2.5 million crankshafts, with Chery aiming for 600,000 to 700,000, and other clients like Saily and Haos Power also increasing their orders [3][4] - **Technological Advancements**: Fuda's extensive experience in grinding technology is anticipated to provide a competitive edge in both screw and reducer product lines [4][5][6]