Core Viewpoint - The report indicates that Xusheng Group's performance in Q2 2025 met expectations, driven by globalization and new business initiatives, leading to a "buy" rating for the company [1] Financial Performance - In H1 2025, the company reported revenue of 2.096 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [2] - Q2 2025 revenue reached 1.050 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29% [2] - The net profit for Q2 2025 was 105 million yuan, a decrease of 2.41% year-on-year but an increase of 9.77% quarter-on-quarter [2] - The gross margin for Q2 2025 was 22.75%, up 1.10 percentage points year-on-year and 1.95 percentage points quarter-on-quarter [2] Business Expansion - The company's Mexico factory commenced operations in June 2025, enhancing its overseas growth engine and securing important customer orders through OTS sample deliveries [3] - A new facility in Thailand began construction in July 2025, aimed at serving the rapidly growing Southeast Asian electric vehicle and high-end manufacturing markets [3] - The company has developed core components for energy storage systems, achieving approximately 300 million yuan in revenue in H1 2025, marking significant growth [3] Investment Outlook - The company is positioned as a strong beneficiary in the lightweighting sector for electric vehicles, with projected revenues of 5.47 billion yuan, 6.72 billion yuan, and 8.21 billion yuan for 2025, 2026, and 2027 respectively [4] - Expected net profits for the same years are 500 million yuan, 610 million yuan, and 770 million yuan, with corresponding EPS of 0.52 yuan, 0.64 yuan, and 0.81 yuan [4] - The stock is projected to have a PE ratio of 28, 22, and 18 times for 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 2.096 billion yuan for the first half of 2025, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.05 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29%, outperforming its major client Tesla's sales decline [2]. - The company's gross margin improved to 22.75% in Q2 2025, up 1.10 percentage points year-on-year and 1.95 percentage points quarter-on-quarter, indicating a recovery in profitability [2]. - The company has commenced operations at its Mexico plant and is building a facility in Thailand, which will enhance its international growth and customer base [3]. - New business ventures in energy storage and robotics are expected to drive future growth, with significant revenue contributions anticipated from these sectors [3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan, respectively, with corresponding net profits of 495 million yuan, 614 million yuan, and 772 million yuan [5][11]. - The earnings per share (EPS) are expected to grow from 0.52 yuan in 2025 to 0.81 yuan in 2027, reflecting a positive trend in profitability [5][11]. - The price-to-earnings (PE) ratio is projected to decrease from 28 in 2025 to 18 in 2027, indicating an attractive valuation over time [5][11].

Core Viewpoint - Ningbo Xusheng Group Co., Ltd. reported a steady recovery in its business performance for the first half of 2025, achieving a revenue of 2.096 billion yuan, with a notable growth in the second quarter despite industry competition pressures [1] Group 1: Financial Performance - The company achieved a revenue of 2.096 billion yuan in the first half of 2025, with the second quarter revenue reaching 1.05 billion yuan, reflecting a year-on-year growth of 3.89% [1] - The net profit attributable to shareholders was 201 million yuan, while the net profit after deducting non-recurring gains and losses was 177 million yuan [1] Group 2: Business Strategy and Market Position - The company is focusing on consolidating its market share in the automotive sector by increasing R&D efforts and expanding its customer base [1] - Xusheng Group is transitioning from a component supplier to a lightweight system solution provider, particularly for new energy vehicles and robotics, leveraging its first-mover advantage [1] - The company has made significant breakthroughs in customer expansion and emerging business layouts, supported by its global production base [1] Group 3: Emerging Business Developments - In the energy storage sector, the company has developed core components such as battery enclosures and heat dissipation modules, achieving approximately 300 million yuan in revenue in the first half of 2025, marking explosive growth [2] - In the robotics field, Xusheng Group has established deep collaborations with leading robotics companies, focusing on lightweight and durable components, and has secured multiple project designations [2] Group 4: Material and Technology Innovations - The company has accelerated its layout in magnesium alloy applications, successfully integrating them into various automotive components and collaborating with major manufacturers [3] - Xusheng Group invested approximately 109 million yuan in R&D in the first half of 2025, maintaining a research expense ratio of 5.21% [4] - The product matrix has expanded from traditional aluminum alloys to high-strength magnesium alloys and composite materials, achieving a weight reduction of 30% while maintaining mechanical performance [4]

Group 1 - As of August 27, 2025, a total of 10 institutional investors hold shares in Xusheng Group, amounting to 487 million shares, which represents 51.04% of the total share capital [1] - The top ten institutional investors include notable entities such as Ningbo Meishan Free Trade Port Area Xusheng Holdings Co., Ltd. and Morgan Stanley & Co. International PLC, with their combined holding percentage decreasing by 0.47 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was a slight decrease in holdings from one public fund, specifically the Fortune Convertible Bond A/B, while a new public fund, the Southern CSI 1000 ETF, was disclosed [2] - Several foreign institutions, including Hong Kong Central Clearing Limited and J.P. Morgan Securities PLC, were not disclosed in the current period compared to the previous quarter [2]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [2]. Core Views - The report highlights that the company is experiencing a phase of recovery in performance, driven by a resurgence in demand and the contribution from emerging businesses, particularly in the energy storage sector [4][5]. - The company achieved a revenue of 2 billion yuan in the first half of 2025, reflecting a year-on-year decline of 24.2%, but showed signs of recovery with a 3.9% increase in Q2 revenue [4]. - The gross margin improved in Q2, reaching 22.75%, attributed to business structure optimization and increased revenue from overseas clients [4][7]. Summary by Sections Financial Performance - The company reported a revenue of 4,834 million yuan for 2023, with a projected decline to 4,409 million yuan in 2024, followed by a recovery to 5,140 million yuan in 2025 [2]. - The net profit attributable to the parent company is forecasted to decrease from 714 million yuan in 2023 to 416 million yuan in 2024, before rebounding to 505 million yuan in 2025 [2]. - The earnings per share (EPS) is expected to rise from 0.44 yuan in 2024 to 0.53 yuan in 2025 [2]. Business Development - The company is expanding its new business segments, including energy storage, robotics, and magnesium alloy applications, which are expected to drive future growth [5][6]. - In the energy storage sector, the company has secured partnerships with several global system integrators, enhancing its market position [6]. - The robotics division focuses on core components and has established deep collaborations with leading robotics firms, securing multiple project approvals [6]. Global Strategy - The company is advancing its globalization strategy with the operational launch of its Mexico factory and the commencement of construction for its Thailand facility [7]. - The Mexico facility is expected to enhance production capacity and local operational efficiency, while the Thailand base will cater to the growing Southeast Asian market for new energy vehicles and high-end manufacturing [7].

Core Insights - The company reported a revenue of 2.1 billion yuan for the first half of 2025, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of 200 million yuan, down 24.2% [1] - In Q2 2025, the company achieved a revenue of 1.05 billion yuan, a year-on-year increase of 3.9%, and a net profit of 105 million yuan, a decrease of 2.4% [1] - The company’s Q2 revenue recovery and improved gross margin are attributed to the growth in emerging businesses, particularly in the energy storage sector, which generated approximately 300 million yuan in revenue, showing explosive growth year-on-year [1] Business Development - The company is actively expanding its energy storage, robotics, and magnesium alloy sectors, establishing partnerships with global energy storage system integrators and focusing on core components for robotics [2] - In the magnesium alloy sector, the company has successfully introduced multiple projects in the new energy vehicle market, applying magnesium alloy materials in various automotive components [2] Global Strategy - The company’s Mexico plant commenced operations in June 2025, with plans to enhance capacity utilization through automation and local operational improvements [3] - The Thailand facility broke ground in July 2025, aiming to support the rapidly growing new energy vehicle and high-end intelligent manufacturing sectors in Southeast Asia [3] - The establishment of these overseas bases strengthens the company’s competitiveness in lightweight and high-end manufacturing, expanding its customer base and enhancing brand influence in international markets [3] Profit Forecast - Due to increased industry competition and uncertainties related to new capacity, the company adjusted its net profit forecasts for 2025-2026 to 510 million yuan and 620 million yuan, respectively, with a new forecast for 2027 set at 750 million yuan [3] - The expected year-on-year growth rates for 2025-2027 are 21%, 23%, and 21%, respectively, while maintaining a "buy" rating [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of stabilization and growth in its core business and energy storage segment [1][2][3]. Financial Performance - In 1H25, the company achieved revenue of 2.096 billion yuan, a year-on-year decrease of 2.5%; net profit attributable to shareholders was 201 million yuan, down 24.2%; and non-GAAP net profit was 177 million yuan, down 25.7% [1]. - For 2Q25, revenue was 1.05 billion yuan, with a quarter-on-quarter increase of 3.9% and a year-on-year increase of 0.3%; net profit was 105 million yuan, with a quarter-on-quarter decrease of 2.4% but a year-on-year increase of 9.8% [1][3]. Business Trends - Tesla's fluctuating sales impacted revenue, while the energy storage business experienced significant growth, generating approximately 300 million yuan in 1H25, a substantial year-on-year increase [3]. - The company diversified its client base, with new energy vehicle manufacturers like BYD, Li Auto, and others increasing their orders [3]. Profitability and Cost Management - The gross margin for 2Q25 was 22.7%, showing a quarter-on-quarter improvement of 1.1 percentage points; net margin was 10.0%, with a slight quarter-on-quarter decrease of 0.6 percentage points [4]. - The company reported a foreign exchange gain that contributed approximately 26.6 million yuan to profits, while it recognized asset impairment losses of about 12.7 million yuan due to the cancellation of its aluminum bottle business [4]. Global Expansion and New Growth Areas - The company accelerated its globalization efforts, with a factory in Mexico starting operations in June 2025 and a new facility in Thailand beginning construction in July 2025 [5]. - New business developments include investments in robotics and magnesium alloy components, with successful applications in both automotive and robotics sectors [5]. Earnings Forecast and Valuation - The earnings forecast for 2025 was revised down by 5.0% to 500 million yuan, while the 2026 forecast remains at 640 million yuan [6]. - The current stock price corresponds to a P/E ratio of 27.3x for 2025 and 21.6x for 2026, with a target price of 18.3 yuan, indicating a potential upside of 26.9% from the current price [6].

每经AI快讯，旭升集团8月28日发布公告称，因工作调整，陈兴方女士申请辞去公司副总经理职务，辞 职后将继续担任公司董事职务。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 王瀚黎） ...

Core Viewpoint - Ningbo Xusheng Group Co., Ltd. is actively implementing the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, focusing on optimizing its business structure and enhancing operational quality and sustainability in response to regulatory requirements and market demands [1][8]. Group 1: Business Optimization and Development - The company is centered on aluminum alloy lightweight technology, deeply engaged in the new energy vehicle sector, and is also exploring emerging fields such as energy storage and humanoid robots, achieving a dual-driven development model of "technical deepening + cross-border breakthroughs" [1][2]. - In the new energy vehicle business, the company has strengthened its foundation through technology, products, and market strategies, covering various product lines from die-casting to integrated automation solutions [2]. - The energy storage sector has seen explosive growth, with revenue reaching approximately 300 million yuan in the first half of 2025, driven by partnerships with global energy storage system integrators [2]. - In the robotics field, the company focuses on core components and has established deep collaborations with leading robotics firms, enhancing its market share and customer base through customized solutions [2]. Group 2: Capacity and Globalization - The company has made significant progress in its globalization strategy, with key milestones achieved in its overseas bases in Mexico and Thailand, enhancing its competitiveness in lightweight and high-end manufacturing [3]. - The Mexico production base is set to commence operations in June 2025, with a focus on localizing the supply chain and increasing capacity utilization through automation [3]. - The Thailand base, which broke ground in July 2025, will support the rapidly growing new energy vehicle and high-end manufacturing industries in Southeast Asia, forming a triangular production network with China and North America [3]. Group 3: Investor Returns - The company has established a stable profit distribution plan, distributing a cash dividend of 3.80 yuan per 10 shares, totaling 362 million yuan, to enhance shareholder value [4][5]. - A share repurchase plan was approved, allowing the company to buy back shares worth between 75 million and 150 million yuan to boost investor confidence and align interests among shareholders and employees [5]. Group 4: Information Disclosure and Governance - The company has maintained high standards of information disclosure, achieving an A-class rating for six consecutive years, and has implemented various channels for investor communication [6]. - The governance structure is continuously improved to ensure compliance with regulations, with recent adjustments including the cancellation of the supervisory board and amendments to the company’s articles of association [7][20]. Group 5: Future Plans - The company will continue to implement the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, focusing on core business development and emerging industries while enhancing management and profitability [8][9].

（2025 年 8 月修订） 宁波旭升集团股份有限公司 董事会议事规则 宁波旭升集团股份有限公司 董事会议事规则 第五条 临时会议 有下列情形之一的，董事会应当召开临时会议： 第一条 宗旨 为了进一步规范宁波旭升集团股份有限公司（以下简称"公司"或"本公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》（以下简称"《股票上市规则》"）等相关法律、法规及规范性文件 以及《宁波旭升集团股份有限公司章程》（以下简称"公司章程"）的有关规定， 结合公司实际情况，制订本规则。 第二条 部门组织 董事会下设董事会办公室，处理董事会日常事务。董事会秘书为董事会办公 室负责人，保管董事会印章。董事会秘书可以指定证券事务代表等有关人员协助 其处理日常事务。 第三条 定期会议 董事会会议分为定期会议和临时会议。董事会每年应当至少在上下两个半年 度各召开一次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当充 ...