证券代码：603239 证券简称：浙江仙通 公告编号：2025-038 浙江仙通橡塑股份有限公司 ●重大风险及不确定性提示： （一）《增资协议》与《增资协议之补充协议》为二股东李起富先生个人签署 的投资协议，仅为李起富先生与七腾机器人双方达成的意向，并非正式的订单。具 体合作事项及实施进展存在不确定性； （二）机器人是公司正在积极布局的新兴业务，人才队伍和生产能力等尚在建 设中，七腾机器人在同等条件下在长三角地区优先满足浙江仙通的产能需求，但公 司实际产能规模和营收存在不确定性； （三）机器人是公司正在积极布局的新兴业务，跟目前公司的主营业务无关， 对公司后续经营存在不确定性风险。 ●对公司当年业绩的影响：本次《增资协议》与《增资协议之补充协议》的签 订对公司本年度财务状况、经营成果不会产生重大影响。敬请广大投资者注意投资 风险。 一、协议签署的基本情况 关于股东对外投资签署补充协议的自愿性披露公告 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： ●浙江仙通橡塑股份有限公司（以下简称"浙江仙通"、"上市公 ...

Core Viewpoint - Zhejiang Xiantong (603239) announced a capital increase agreement with its second shareholder Li Qifu and Qiteng Robotics, indicating a strategic investment to enhance production capacity and technical training for explosive-proof robots [1] Group 1: Investment Details - Li Qifu plans to invest 130 million yuan to subscribe for an additional registered capital of 1.9715 million yuan in Qiteng Robotics [1] - A supplementary agreement was signed, stipulating that within seven months after the capital injection, Qiteng Robotics will help Zhejiang Xiantong establish an initial production capacity of over 1,000 explosive-proof robots annually [1] Group 2: Production and Training - The agreement includes provisions for training technical workers to support the production of explosive-proof robots [1] - Under equal conditions, the production capacity needs of Zhejiang Xiantong will be prioritized in the Yangtze River Delta region [1]

Investment Rating - The report gives a "Buy" rating for Zhejiang Xiantong, indicating a positive outlook for the company's future performance [6]. Core Insights - Zhejiang Xiantong has a strong position in the automotive sealing strip industry, benefiting from the rise of high-end products and domestic brand car manufacturers [2][39]. - The company is expected to maintain superior profitability compared to its peers due to excellent cost control and technical capabilities [3][51]. - Strategic investments in the embodied intelligence sector are anticipated to create a second growth curve for the company [5][12]. Summary by Sections Company Overview - Zhejiang Xiantong, established in 1994 and listed in December 2016, is a leading player in the automotive sealing strip market, recognized as a "hidden champion" in Zhejiang Province in 2023 [1][21]. - The company focuses on the research, production, and sales of automotive sealing strips, with a comprehensive product matrix [1][21]. Market Trends - The domestic sealing strip market is benefiting from the increasing adoption of European-style guide grooves and frameless car door designs, which enhance sealing performance and noise reduction [2][39]. - The sales of frameless door models are rapidly increasing, with significant growth in the penetration rate of these designs in the domestic market [2][43]. Competitive Advantages - Zhejiang Xiantong's gross margin is projected to be 29.7% in 2024, significantly higher than domestic peers (17%-23%) and global leaders like Cooper Standard (11.1%) [3][51]. - The company has established a competitive edge through self-designed molds and lean management practices, leading to superior profitability [3][51]. Product Development - The company has successfully penetrated the mid-to-high-end vehicle market with its frameless sealing strips, securing contracts with major automakers such as Chery, Geely, and Volkswagen [4][27]. - The growth of new energy vehicle orders is expected to contribute to revenue and profit increases [27]. Strategic Investments - A recent investment in the embodied intelligence sector aims to leverage the company's precision manufacturing capabilities, potentially creating a new revenue stream [5][12]. - The partnership with Haohai Xingkong is expected to enhance product technology and market access for both parties [5][12]. Financial Projections - Revenue is projected to grow from 1.47 billion yuan in 2025 to 2.18 billion yuan in 2027, with corresponding net profits increasing from 204 million yuan to 292 million yuan [12][13]. - The company is expected to maintain a strong return on equity (ROE) of around 19.37% by 2027 [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.024 billion in the first three quarters of 2025, representing a year-on-year increase of 21.7%. The net profit attributable to shareholders was 152 million, up 17.4%, while the net profit after deducting non-recurring items was 149 million, an increase of 17.1% [2][4]. - In Q3 alone, the company achieved a revenue of 353 million, reflecting a year-on-year growth of 22.98%, with a net profit of 45 million, up 18.12% [4]. - The company is benefiting from a robust customer base, having established relationships with major domestic car manufacturers, and is the only domestic enterprise capable of mass-producing borderless sealing strips, which is expected to enhance market share and profitability [11]. - The company is entering the robotics sector by investing 40 million in Shanghai Haohai Starry Sky Robot Co., aiming to leverage local automotive resources to create a robotics production platform [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 28.7%, down 1.7 percentage points year-on-year, while the net profit margin was 14.8%, a decrease of 0.5 percentage points [11]. - In Q3, the gross margin fell to 26.2%, a decline of 2.7 percentage points, with a net profit margin of 12.7%, also down by 0.5 percentage points [11]. Market Position and Strategy - The company has optimized its customer structure, with significant breakthroughs in acquiring new clients, which is expected to drive future growth [11]. - The company has a strong pipeline of new projects, with 42 models under development, which is more than double the number of projects from 2023, providing a solid foundation for sustainable growth [11]. Future Outlook - The company anticipates that if raw material prices stabilize, it could lead to additional performance flexibility. The entry into the robotics sector is expected to open up new valuation opportunities [11]. - Projected net profits for 2025 and 2026 are approximately 210 million and 270 million, respectively, corresponding to price-to-earnings ratios of 24.4 and 19.0 times [11].

Core Viewpoint - Zhejiang Xiantong, a leading domestic automotive sealing strip company, reported steady growth in its Q3 2025 results and announced a strategic investment in the robotics sector, marking a key step towards diversification while consolidating its core business [1][2] Financial Performance - In the first three quarters, Zhejiang Xiantong achieved an operating revenue of 1.024 billion yuan, a year-on-year increase of 21.74% - The net profit reached 152 million yuan, up 17.4% year-on-year, while the net profit excluding non-recurring items was 149 million yuan, reflecting a 17.14% increase [1] - For Q3 alone, the company reported an operating revenue of 353 million yuan, with a year-on-year growth of 22.98%, and a net profit attributable to shareholders of 44.63 million yuan, up 18.12% [1] Profitability and Financial Quality - The weighted average return on net assets for the first three quarters was 12.74%, an increase of 0.68 percentage points year-on-year - The return on invested capital was 12.62%, up 0.79 percentage points compared to the same period last year, indicating improved capital allocation efficiency [1] - The net cash flow from operating activities reached 97.21 million yuan, showing significant positive growth, while accounts receivable and notes receivable decreased by 35.22% compared to the end of the previous year, leading to a healthier asset structure [1] Industry Position and Strategic Moves - Zhejiang Xiantong has deepened its layout in the automotive sealing strip sector, leveraging its development capabilities, cost control advantages, and accumulated resources with automotive manufacturers - The company has benefited from the increasing market share of domestic brands and the growth in the penetration rate of new energy vehicles, expanding its market share in high-end products [2] - R&D investment in the first three quarters amounted to 39.18 million yuan, accounting for approximately 3.8% of operating revenue, focusing on high-wear rubber co-extrusion technology that aligns with the lightweight demands of new energy vehicles [2] Strategic Investment in Robotics - Zhejiang Xiantong has accelerated its strategic transformation through external investments, completing a 40 million yuan capital increase in Shanghai Haohai Starry Sky Robotics Co., holding a 10% stake - The company plans to establish a joint venture in Taizhou, Zhejiang, focusing on the research and manufacturing of embodied intelligent robots, commercial service robots, and core components [2] - This joint venture aims to leverage Zhejiang Xiantong's experience in production management, quality control, and supply chain optimization, in synergy with Haohai Starry Sky's technological capabilities [2]

Core Viewpoint - Zhejiang Xiantong has completed a capital increase of 40 million yuan in Shanghai Haohai Star Robot Co., Ltd, acquiring a 10% stake in the company, and has established a joint venture with it [17][18]. Financial Data - The third quarter financial report for 2025 has been approved by the board of directors, confirming the accuracy and completeness of the financial information [11][12]. - The financial statements for the third quarter are unaudited, and the company has not reported any significant changes in major accounting data or financial indicators [3][5]. Shareholder Information - The company has not reported any changes in the number of shareholders or significant changes in the top ten shareholders due to the capital increase [5][6]. Investment and Joint Venture - The joint venture with Shanghai Haohai Star Robot Co., Ltd will be established with a registered capital of 20 million yuan, where Zhejiang Xiantong will contribute 10.2 million yuan, holding 51% of the joint venture [17][18].

Group 1: Earnings Reports - Tonghuashun reported a 39.67% increase in revenue to 3.261 billion yuan for the first three quarters of 2025, with a net profit increase of 85.29% to 1.206 billion yuan [2] - Weihua New Materials experienced a 15.18% decline in revenue to approximately 660 million yuan for the first three quarters, but a significant net profit increase of 250.04% in Q3 to approximately 25.38 million yuan [1] - Yanjing Co. achieved a 22.99% revenue growth to 1.295 billion yuan for the first three quarters, with a net profit increase of 27.95% to approximately 42.5 million yuan [1] - XH Technology reported a 26.47% revenue increase to approximately 742 million yuan for the first three quarters, with a net profit increase of 186.19% to approximately 95.47 million yuan [5] - Dongtian Micro reported a 53.91% revenue increase to approximately 637 million yuan for the first three quarters, with a net profit increase of 99.2% to approximately 80.03 million yuan [6] Group 2: Corporate Actions - China Unicom plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance innovation and competitiveness in the vehicle networking industry [3] - Kailer Co. is planning to acquire at least 50% of Kesheng Electromechanical, aiming to enter the high-end coating equipment sector [11] - Huitong Technology is preparing for an H-share listing in Hong Kong, with management authorized to initiate the process [11] Group 3: Other Notable Developments - Hengyi Petrochemical's subsidiary has successfully entered the trial production phase of a new project aimed at increasing its nylon production capacity [12] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract for a highway project, with a total transaction amount expected to be under 100 million yuan [14] - Sanwang Communication's board received a proposal for a share buyback plan, with a total amount not less than 20 million yuan [14]

Core Insights - Zhejiang Xiantong reported a revenue of 1.024 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.74% [1] - The net profit attributable to shareholders reached 152 million yuan, up 17.4% year-on-year, while the net profit excluding non-recurring items was 149 million yuan, reflecting a growth of 17.14% [1] - The company completed a capital increase of 40 million yuan in Shanghai Haohai Starry Sky Robot Co., holding a 10% stake post-registration [1] Financial Performance - For Q3 2025, the company achieved a revenue of 353 million yuan, marking a year-on-year increase of 22.98% [1] - The net profit attributable to shareholders for Q3 was 44.64 million yuan, up 18.12% year-on-year, with the net profit excluding non-recurring items at 43.74 million yuan, a growth of 18.91% [1] - The net operating cash flow for the first three quarters was 97.21 million yuan [1] Strategic Developments - The partnership with Haohai Starry Sky is seen as a "strong alliance," leveraging the company's expertise in automotive sealing strips to create a second growth curve [2] - The collaboration is expected to enhance the company's capabilities in cost control, quality systems, and relationships with automotive manufacturers [2]

Core Viewpoint - Zhejiang Xiantong Rubber & Plastic Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by optimized production management and cost control [2] Financial Performance - The company achieved an operating income of 1.024 billion yuan, representing a year-on-year growth of 21.74% [2] - Net profit attributable to shareholders reached 152 million yuan, up 17.40% year-on-year [2] - The net cash flow from operating activities for the first three quarters was 97.2112 million yuan [2] Research and Development - Zhejiang Xiantong invested 39.181 million yuan in R&D during the first three quarters, maintaining a stable growth rate [2] - R&D expenses accounted for approximately 3.8% of operating income, supporting future product structure optimization and new project implementation [2] Market Position and Strategy - The company is a well-known supplier of automotive sealing systems and interior/exterior parts, with major clients including Geely, SAIC, and BYD [2] - Benefiting from the growth in new energy vehicle sales and the acceleration of domestic automotive parts localization, Zhejiang Xiantong has a stable competitive advantage in lightweight and noise-reducing sealing products [2] New Growth Initiatives - In September 2023, the company signed an investment cooperation framework agreement with Shanghai Haohai Xingkong Robot Co., Ltd., completing a 40 million yuan capital increase for a 10% stake [3] - A joint venture will be established in Taizhou, Zhejiang, to create a robot manufacturing base, focusing on embodied intelligence, service robots, and core component R&D and manufacturing [3] Industry Trends - As of October 19, the retail penetration rate of new energy vehicles in the passenger car market reached 56.1%, with cumulative retail sales of 9.502 million units, a year-on-year increase of 23% [3] - The automotive parts industry is undergoing a systemic upgrade from "manufacturing" to "intelligent manufacturing," driven by the increasing demand for smart driving and cabin features [3] - Zhejiang Xiantong aims to enhance its overall profitability and industrial synergy by gradually advancing its layout in robotics and intelligent manufacturing [3]

Core Viewpoint - Zhejiang Xiantong has completed a capital increase investment of 40 million yuan in Shanghai Haohai Star Robot Co., Ltd., acquiring a 10% stake in the company [2]. Group 1 - Zhejiang Xiantong announced the signing of the capital increase agreement with Haohai Star on September 25, 2025 [2]. - The investment of 40 million yuan has been officially registered and the company has received the registration notice and business license from the Shanghai Minhang District Market Supervision Administration [2].