具体内容详见公司同日在上海证券交易所(www.sse.com.cn)网站披露的《关于 取消监事会并修订<公司章程>的公告》（公告编号：2025-025）。 表决结果：同意 3 票；不同意 0 票；弃权 0 票 浙江仙通橡塑股份有限公司 第五届监事会第十六次会议决议公告 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、监事会会议召开情况 浙江仙通橡塑股份有限公司（以下简称"公司"）第五届监事会第十六次会议于 2025 年 9 月 8 日在公司办公楼五楼会议室以现场表决方式召开。本次监事会会议 通知于 2025 年 9 月 3 日以电子邮件和电话形式发出。本次会议由监事会主席崔伟 燕女士召集并主持，会议应出席监事 3 名，实际出席监事 3 名。会议召集及召开 方式符合《公司法》和《公司章程》等有关规定，所形成的决议合法有效。 二、监事会会议审议情况 （一）审议通过《关于取消监事会并修订<公司章程>的议案》 证券代码：603239 证券简称：浙江仙通 公告编号：2025-024 三、备查文件 浙江仙通橡塑股份有限公司第五届 ...

证券代码：603239 证券简称：浙江仙通 公告编号：2025-023 浙江仙通橡塑股份有限公司 第五届董事会第十七次会议决议公告 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 浙江仙通橡塑股份有限公司（以下简称"公司"）第五届董事会第十七次会议于 2025 年 9 月 8 日在浙江省仙居县现代工业集聚区浙江仙通办公楼五楼会议室以现 场结合通讯表决方式召开。本次董事会会议通知于 2025 年 9 月 3 日以邮件及电 话形式送达全体董事。本次会议由董事长叶未亮先生召集并主持，会议应出席董事 9 人，实际出席董事 9 人。公司监事及高级管理人员列席会议。本次董事会议的召 开符合《公司法》及《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于取消监事会并修订《公司章程》的议案》 （二）审议通过了《关于修订公司部分制度的议案》 根据现行的《公司法》《证券法》及《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》《上市公司独立董事管理办法》等相关法 ...

每经AI快讯，浙江仙通（SH 603239，收盘价：17.08元）9月8日晚间发布公告称，公司第五届第十七次 董事会会议于2025年9月8日在浙江省仙居县现代工业集聚区浙江仙通办公楼五楼会议室以现场结合通讯 表决方式召开。会议审议了《关于修订公司部分制度的议案》等文件。 每经头条（nbdtoutiao）——"中国真正实现了弯道超车"！从美国回来14年，陈智胜亲历中国创新药大 爆发：以前跨国药企不太信任中国数据，但现在不同了 （记者 曾健辉） 2024年1至12月份，浙江仙通的营业收入构成为：汽车零部件占比97.28%，其他业务占比2.72%。 截至发稿，浙江仙通市值为46亿元。 ...

Core Viewpoint - The company demonstrated strong revenue growth in the first half of 2025, with a 21.1% year-on-year increase, while profitability showed a slight decline due to competitive pressures in the automotive industry [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 672 million, a 21.1% increase year-on-year, and a net profit of 107 million, up 17.1% year-on-year [1]. - In Q2 2025, the company reported revenue of 329 million, reflecting a 15.3% year-on-year growth, and a net profit of 40 million, which is a 2.2% increase year-on-year [2]. - The gross margin for H1 2025 decreased by 1.2 percentage points to 29.9%, while the net profit margin fell by 0.6 percentage points to 15.6% [3][4]. - In Q2 2025, the gross margin further declined by 1.6 percentage points to 27.3%, with an increase in the expense ratio by 0.8 percentage points [3]. Competitive Advantages - The company maintains a strong cost advantage, with over 90% of tooling produced in-house, leading to significant savings compared to outsourcing [4]. - The company has a high product quality rate, with over 95% of products meeting quality standards, supported by strict assessment and incentive mechanisms [4]. - Labor costs in the company's location provide a competitive edge, as it operates in a labor-intensive industry [4]. - The company has a high self-sufficiency rate in raw material production, with 95% of its mixing rubber produced in-house, which helps reduce costs [4]. Customer Base and Market Position - The company has successfully restructured its customer base since 2018, now serving all top nine passenger car manufacturers in China, including major domestic brands [4]. - The company is the only domestic enterprise capable of mass-producing frameless sealing strips, positioning it to benefit from the increasing production of frameless models [4]. - As of the end of 2024, the company has 42 new projects in development, with the total number of new projects exceeding double that of 2023, indicating strong future growth potential [4]. Future Outlook - The company is expected to continue optimizing its customer structure and breaking into new markets, which may lead to additional revenue growth [5]. - If raw material prices stabilize or decline, this could provide further performance flexibility [5]. - Projected net profits for 2025 and 2026 are approximately 210 million and 270 million, respectively, with corresponding price-to-earnings ratios of 20.9 and 16.6 times [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 672 million in the first half of 2025, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 107 million, up 17.1% year-on-year [1][3]. - In Q2 2025, the company reported a revenue of 329 million, a 15.3% increase year-on-year, with a net profit of 40 million, reflecting a 2.2% growth year-on-year [3]. - The automotive industry showed stable growth, with passenger car sales in China increasing by 10.8% year-on-year, contributing to the company's revenue growth [8]. - The company's gross margin slightly declined by 1.2 percentage points to 29.9% due to intensified competition in the automotive supply chain, while the net profit margin decreased by 0.6 percentage points to 15.6% [8]. - The company maintains a strong cost advantage, with over 90% of its tooling produced in-house, a high product yield rate of over 95%, and a low labor cost due to its location [8]. - The customer base has been optimized, with significant breakthroughs in partnerships with major domestic and joint venture automotive brands, positioning the company to benefit from the increasing demand for frameless sealing strips [8]. - The company has a robust pipeline with 42 new projects in development, which is more than double the number of projects from 2023, indicating strong future growth potential [8]. Financial Summary - The company expects net profits of approximately 210 million and 270 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 20.9 and 16.6 times [8].

Group 1 - The core viewpoint of the articles highlights Zhejiang Xiantong's strong financial performance in the first half of 2025, with a revenue of 672 million yuan, a year-on-year increase of 21.10%, and a net profit of 107 million yuan, up 17.10% [1] - The company has maintained its leading position in the domestic automotive sealing strip market, benefiting from increased orders from both joint venture and independent automotive manufacturers [1] - Research and development expenses amounted to 25.6 million yuan, representing 3.81% of revenue, focusing on six core innovation areas [1] Group 2 - Zhejiang Xiantong plans to invest approximately 1 billion yuan to expand production capacity, which includes the construction of a logistics center, production workshops, and a research building [2] - The controlling shareholder has increased its stake to 29.69% by acquiring 1.6134 million shares, reflecting confidence in the company's future development [2] - The company is expected to benefit from the increasing penetration of new energy vehicles and the rising performance requirements for sealing systems from automotive manufacturers [2]

Core Insights - Zhejiang Xiantong (603239) reported a total revenue of 672 million yuan for the first half of 2025, representing a year-on-year increase of 21.1% [1] - The net profit attributable to shareholders reached 107 million yuan, up 17.1% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 271.86% of the net profit [1] Financial Performance - Total revenue for Q2 2025 was 329 million yuan, a 15.26% increase year-on-year [1] - Q2 net profit attributable to shareholders was approximately 40.35 million yuan, a 2.25% increase year-on-year [1] - Gross margin decreased to 29.94%, down 2.85% year-on-year, while net margin fell to 15.93%, down 3.31% year-on-year [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 54.47 million yuan, accounting for 8.11% of revenue, an increase of 2.63% year-on-year [1] - Significant changes in financial items include a 54.6% decrease in cash and cash equivalents due to reduced bank deposits [1][2] Accounts and Liabilities - Accounts receivable increased by 22.86% to 467 million yuan [1] - Interest-bearing liabilities surged by 130.76% to 360,900 yuan [1] - The company reported a 161.64% increase in accounts payable due to an increase in outstanding acceptance bills [5] Cash Flow and Returns - Operating cash flow per share improved to 0.01 yuan, a 138.33% increase year-on-year [1] - The company's return on invested capital (ROIC) was 15.3%, indicating strong capital returns [7] - Historical data shows a median ROIC of 14.88% since the company went public, with a notable low of 9.24% in 2019 [7] Analyst Expectations - Analysts project a total profit of 252 million yuan for 2025, with an average earnings per share of 0.93 yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 672 million yuan in the first half of 2025, representing a year-on-year increase of 21.10%, and a net profit attributable to shareholders of 107 million yuan, up 17.10% year-on-year [5][6] - The company is expanding its production capacity with plans to invest approximately 1 billion yuan, including 830 million yuan in fixed assets, to build a logistics center, production workshops, and R&D facilities [7][9] - R&D expenditure in the first half of 2025 was 26 million yuan, showing a year-on-year increase of 13.04%, focusing on various advanced technologies [8] Summary by Sections Financial Performance - In 2025 H1, the overall gross margin was 29.94%, with Q1 and Q2 margins at 32.46% and 27.31% respectively [6] - The company’s revenue and net profit projections for 2025-2027 are 218 million, 266 million, and 322 million yuan, with respective year-on-year growth rates of 27.10%, 22.06%, and 20.93% [9][11] Market Position and Strategy - The company has 42 new vehicle models under development, with the total number of new projects more than double that of 2023, indicating strong future growth potential [7] - The company aims to address production capacity bottlenecks to meet increasing market demand and enhance product structure [7] Valuation Metrics - As of August 26, 2025, the price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 19.68x, 16.13x, and 13.34x respectively [9][11]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 672 million, representing a year-on-year growth of 21.10% [1] - The net profit attributable to the parent company reached 107 million, with a year-on-year increase of 17.10% [1] - The gross margin for the first half of 2025 was 29.94%, a decrease of 1.2 percentage points compared to the previous year [1] Cost Management - The company demonstrated a reduction in expense ratios: sales expense ratio at 3.62% (down 0.08 percentage points), management expense ratio at 4.33% (down 0.12 percentage points), and R&D expense ratio at 3.81% (down 0.39 percentage points) [1] - The company has a strong cost control advantage, with a gross margin at a high level due to several factors, including a self-manufacturing rate of over 90% for tooling and molds [2] - The company employs strict performance assessment and incentive mechanisms linking employee compensation to production waste rates [2] Client Base and Market Position - The company has established itself as a leader in the domestic automotive sealing strip industry, serving notable clients such as FAW-Volkswagen, SAIC Volkswagen, and Geely [2] - The company optimizes procurement processes and reduces costs by integrating raw material varieties and improving formulations [2] Future Profit Projections - The company is expected to achieve net profits attributable to the parent company of 252 million, 308 million, and 366 million for the years 2025, 2026, and 2027, respectively [2] - Corresponding price-to-earnings ratios are projected to be 17.6, 14.3, and 12.1 times for the same years [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, with a 21.10% year-on-year increase in revenue for the first half of 2025, reaching 672 million yuan, and a 17.10% increase in net profit attributable to shareholders, amounting to 107 million yuan [8] - The company has a strong customer resource advantage, being a leading player in the domestic automotive sealing strip industry, with notable clients including FAW-Volkswagen, SAIC Volkswagen, and Geely [8] - The company maintains significant cost control advantages, with a gross profit margin of 29.94%, despite a slight year-on-year decline of 1.2 percentage points [8] Financial Performance Summary - Revenue projections for 2025-2027 are 1,456 million yuan, 1,770 million yuan, and 2,162 million yuan, respectively, with corresponding revenue growth rates of 18.9%, 21.6%, and 22.1% [7] - Net profit attributable to shareholders is expected to reach 252 million yuan in 2025, 308 million yuan in 2026, and 366 million yuan in 2027, with net profit growth rates of 46.7%, 22.4%, and 18.8% respectively [7] - The company’s earnings per share (EPS) is projected to be 0.93 yuan in 2025, 1.14 yuan in 2026, and 1.35 yuan in 2027, with a price-to-earnings (PE) ratio of 17.6, 14.3, and 12.1 for the respective years [7] Cost Control and Efficiency - The company has achieved a self-manufacturing rate of over 90% for its tooling and molds, contributing to its cost advantages [8] - The implementation of strict performance assessments and incentive mechanisms links employee compensation to production waste rates, enhancing operational efficiency [8] - The company has optimized its procurement processes and reduced the variety of raw materials, leading to lower procurement costs [8]