桂林福达股份有限公司 2025 年第二次临时股东会会议材料 桂林福达股份有限公司 2025 年第二次临时股东会会议材料 桂林福达股份有限公司 2025 年第二次临时股东会会议须知 桂林福达股份有限公司（以下简称"公司"）为维护全体股东的合法权益，确保股 东大会的会议秩序和议事效率，保证股东大会的顺利召开，根据《公司法》《公司章程》 以及《公司股东大会议事规则》等有关规定，特制定本须知，请出席股东大会的全体人 员遵照执行。 一、会议期间，全体出席人员应以维护股东的合法权益、保证大会的正常秩序和议 事效率为原则，认真履行法定义务，自觉遵守大会纪律，不得侵犯公司和其他股东的合 法权益，不得扰乱股东大会的正常召开秩序。 股票简称：福达股份 股票代码：603166 桂林福达股份有限公司 GUILIN FUDA CO., LTD 2025 年第二次临时股东会会议材料 2025 年 9 月 15 日 二、现场出席会议的股东（包括股东代理人，下同）须在会议召开前 30 分钟到会 议现场办理签到手续，并按规定出示证券账户卡、身份证或营业执照、授权委托书等身 份证明文件，经验证合格后领取股东大会资料，方可出席会议。 会议开始后， ...

Investment Rating - The report maintains an "Outperform the Market" rating for Fuda Co., Ltd. [4][6][20] Core Views - Fuda Co., Ltd. has shown stable growth in its main business areas, including crankshafts and gears, while also expanding its robotics segment, particularly in planetary gear reducers and screw drives [4][20] - The company achieved a revenue of 940 million yuan in the first half of 2025, representing a year-on-year increase of 30.3%, and a net profit of 146 million yuan, up 98.8% year-on-year [9][18] - The report highlights the successful development and mass production of new products in the hybrid crankshaft and electric drive gear sectors, indicating strong demand from major clients [2][20] Financial Performance Summary - In Q2 2025, Fuda Co., Ltd. reported a revenue of 466 million yuan, a year-on-year increase of 16.8%, and a net profit of 81 million yuan, up 93.3% year-on-year [9][18] - The gross margin for Q2 2025 was 28.5%, an increase of 4.9 percentage points year-on-year, reflecting improved profitability driven by scale effects and cost control measures [13][18] - The company forecasts net profits of 300 million, 390 million, and 490 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.47, 0.60, and 0.76 yuan [4][5][20] Business Development Summary - Fuda Co., Ltd. has accelerated its product development in the hybrid crankshaft sector, completing nine new product developments for clients such as Li Auto and BYD [2][20] - The robotics division is advancing with multiple product models in the planetary gear reducer business, with one product entering small batch delivery and two in sample testing [3][18] - The company has successfully established a high-precision production line for planetary screw drives, significantly enhancing its production capacity [3][18]

Company Overview - Guilin Fuda Co., Ltd. is located in the Yangtang Industrial Park, Guilin City, Guangxi Zhuang Autonomous Region, established on December 28, 2000, and listed on November 27, 2014 [2] - The company specializes in the research, production, and sales of automotive components such as engine crankshafts, automotive clutches, spiral bevel gears, and high-strength bolts [2] - The revenue composition includes: crankshafts 62.87%, precision forgings 12.10%, clutches 11.10%, gears 5.61%, others 5.39%, and high-strength bolts 2.93% [2] Financial Performance - For the first half of 2025, Fuda achieved operating revenue of 937 million yuan, a year-on-year increase of 30.26%, and a net profit attributable to shareholders of 146 million yuan, a year-on-year increase of 98.77% [2] - The company 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] Stock Performance - As of September 3, Fuda's stock price was 18.20 yuan per share, with a market capitalization of 11.761 billion yuan [1] - The stock has increased by 153.84% year-to-date, with a slight decline of 0.66% over the past five trading days [1] - The company has appeared on the trading leaderboard 14 times this year, with the most recent appearance on August 19, where it recorded a net buy of -20.8082 million yuan [1] Shareholder Structure - As of June 30, 2025, Fuda had 42,800 shareholders, a decrease of 15.28% from the previous period, with an average of 14,930 circulating shares per shareholder, an increase of 18.04% [2][3] - Notable shareholders include Qianhai Kaiyuan Jiaxin Mixed A, which is the fourth-largest shareholder with 7.9782 million shares, and Hai Futong Stock Mixed, which is a new shareholder holding 4.4986 million shares [3]

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting potential growth in sectors driven by technology and state-owned enterprise reforms [4][27]. Core Insights - The report emphasizes the expected rebound in the robotics sector and low-altitude economy, suggesting investment in companies like Top Group, Aikodi, and Sanhua [4]. - It notes a significant increase in retail sales of passenger cars, with a total of 469,000 units sold in the 34th week of 2025, reflecting a month-on-month increase of 9.32% and a year-on-year increase of 3.55% [4]. - The report identifies key companies with strong performance in the second quarter, including BYD, Geely, and NIO, while also highlighting the importance of new energy vehicles [5][6][21]. Market Situation Update - The total transaction value in the automotive industry reached 833.88 billion yuan, with the automotive industry index rising by 0.35% [4][27]. - The report indicates that 81 stocks in the automotive sector rose, while 210 fell, with notable gainers including Tianpu Co. and Meng'en Automotive [32]. Key Events - The Chengdu International Auto Show showcased a significant focus on new energy and intelligent vehicles, with over 120 brands participating [13][14]. - The report highlights the launch of the Hongmeng Zhixing Shangjie H5, which received strong pre-sale interest, and the introduction of the new XPeng P7 model, setting a benchmark for AI luxury sedans [21][23]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, and Xpeng, as well as component companies with strong growth potential like Fuyao Glass and New Spring [4][6]. - It suggests monitoring companies involved in the integration of state-owned enterprises, such as SAIC Group and Dongfeng Group [4].

Group 1 - The core point of the news is that Fuda Co., Ltd. experienced a decline of 5.03% in its stock price, reaching 17.19 yuan per share, with a trading volume of 213 million yuan and a turnover rate of 1.89%, resulting in a total market capitalization of 11.108 billion yuan [1] - Fuda Co., Ltd. is located in Guilin, Guangxi, and was established on December 28, 2000. It was listed on November 27, 2014. The company specializes in the research, production, and sales of automotive components such as engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The main business revenue composition of Fuda Co., Ltd. includes crankshafts (62.87%), precision forgings (12.10%), clutches (11.10%), gears (5.61%), other (supplementary) (5.39%), and high-strength bolts (2.93%) [1] Group 2 - From the perspective of major fund holdings, one fund under China Europe Fund has heavily invested in Fuda Co., Ltd. The fund, China Europe Shengshi Growth Mixed (LOF) A, increased its holdings by 233,900 shares in the second quarter, bringing the total to 1.2097 million shares, which accounts for 3.42% of the fund's net value, ranking as the ninth largest holding [2] - The China Europe Shengshi Growth Mixed (LOF) A fund was established on March 30, 2015, with a latest scale of 454 million yuan. Year-to-date, it has achieved a return of 25.9%, ranking 3182 out of 8184 in its category; over the past year, it has returned 46.64%, ranking 2871 out of 7971; and since inception, it has returned 119.41% [2]

Group 1 - The core point of the news is that Fuda Co., Ltd. experienced a decline of 5.03% in its stock price, reaching 17.19 yuan per share, with a trading volume of 213 million yuan and a turnover rate of 1.89%, resulting in a total market capitalization of 11.108 billion yuan [1] - Fuda Co., Ltd. is located in Guilin, Guangxi, and was established on December 28, 2000. It was listed on November 27, 2014. The company specializes in the research, production, and sales of automotive components such as engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The main business revenue composition of Fuda Co., Ltd. includes crankshafts at 62.87%, precision forgings at 12.10%, clutches at 11.10%, gears at 5.61%, others at 5.39%, and high-strength bolts at 2.93% [1] Group 2 - From the perspective of major fund holdings, Guolian Fund has one fund heavily invested in Fuda Co., Ltd. The Guolian Internet of Things Theme A fund (003670) held 33,100 shares in the second quarter, accounting for 2.19% of the fund's net value, making it the seventh-largest holding [2] - The Guolian Internet of Things Theme A fund was established on February 27, 2017, with a latest scale of 22.9383 million. Year-to-date returns are 46.84%, ranking 971 out of 8,184 in its category; the one-year return is 104.44%, ranking 317 out of 7,971; and since inception, the return is 108.2% [2]

Core Viewpoint - Fuda Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 147.28%, but a recent decline of 5.34% over the past five trading days [1] Company Overview - Fuda Co., Ltd. is located in Guilin, Guangxi, and was established on December 28, 2000, with its stock listed on November 27, 2014 [2] - The company specializes in the research, production, and sales of automotive components, including engine crankshafts (62.87% of revenue), precision forgings (12.10%), clutches (11.10%), gears (5.61%), and high-strength bolts (2.93%) [2] - As of June 30, 2025, the company had 42,800 shareholders, a decrease of 15.28% from the previous period, with an average of 14,930 circulating shares per shareholder, an increase of 18.04% [2] Financial Performance - For the first half of 2025, Fuda Co., Ltd. reported revenue of 937 million yuan, a year-on-year increase of 30.26%, and a net profit attributable to shareholders of 146 million yuan, a growth of 98.77% [2] - The company has distributed a total of 1.2 billion yuan in dividends since its A-share listing, with 242 million yuan distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the fourth largest circulating shareholder is Qianhai Kaiyuan Jiaxin Mixed A, holding 7.9782 million shares, an increase of 1.3244 million shares from the previous period [3] - Hai Futong Stock Mixed is the seventh largest circulating shareholder, holding 4.4986 million shares as a new shareholder [3] - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 2.1388 million shares, also a new shareholder [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [3][5]. Core Insights - The company, Fuda Co., Ltd. (603166), is a leading manufacturer of automotive crankshafts and is expanding into humanoid robotics, which is expected to create a second growth curve [2][3]. - In the first half of 2025, the company achieved revenue of 937 million yuan, a year-on-year increase of 30.26%, and a net profit attributable to shareholders of 146 million yuan, up 98.77% year-on-year [1][2]. - The growth in revenue is primarily driven by an increase in high-value products such as new energy hybrid crankshafts and electric drive gears, leading to significant improvements in gross and net profit margins [1][2]. Financial Performance - For Q2 2025, the company reported revenue of 466 million yuan, a year-on-year increase of 16.83%, with a net profit of 81 million yuan, up 93.28% year-on-year [1]. - The gross margin for Q2 was 28.49%, an increase of 1.37 percentage points year-on-year, while the net margin was 17.41%, up 6.89 percentage points year-on-year [1]. - The company is expected to achieve net profits of 301 million yuan, 415 million yuan, and 551 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 40, 29, and 22 times [3][4]. Business Strategy - The company has a unique integrated capability in both blank forging and crankshaft processing, providing a significant cost advantage and leading profitability compared to peers [2]. - Collaborations with institutions like Tsinghua University enhance the company's R&D capabilities, and it has established strong relationships with major automotive manufacturers [2]. - The company is also investing in the humanoid robotics sector, having developed a planetary reducer for robots and planning to establish a joint venture to expand its robotics components business [2].

Core Viewpoint - Guilin Fuda Co., Ltd. plans to register and issue medium-term notes not exceeding RMB 500 million to broaden financing channels and meet funding needs for business development [1][2] Registration Issuance Plan - The specific issuance scale will depend on the registration notice from the China Interbank Market Dealers Association and the company's actual funding needs [1] - The term of the medium-term notes will be determined based on the company's funding requirements and market conditions [1] - The interest rate for the issued medium-term notes will be determined accordingly [1] - The issuance may occur in one or multiple phases depending on market conditions and funding needs [1] Authorization Matters - The board of directors proposes to authorize the chairman or designated individuals to handle all matters related to the registration and issuance of medium-term notes [1] - This includes determining the specific plan for the issuance, such as the registration amount, term, number of issuances, interest rate, repayment methods, and use of raised funds [1] - The company will also manage the registration, issuance, and trading procedures related to the medium-term notes [1] Approval Process - The application for the registration and issuance of medium-term notes has been approved by the company's board and will be submitted for review at the upcoming shareholders' meeting [2] - The final plan will be subject to approval by the China Interbank Market Dealers Association [2] - The company will disclose the progress of the issuance in accordance with relevant laws and regulations [2]

Group 1 - The board of directors of Guilin Fuda Co., Ltd. held its 27th meeting of the sixth session on August 29, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1][2] - The board approved the application for a medium-term note registration of up to RMB 500 million, with a term not exceeding 3 years, to be issued based on funding needs [2] - The voting results for the medium-term note registration were unanimous, with 9 votes in favor, and the matter will be submitted for approval at the company's second extraordinary general meeting of 2025 [2]