Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Insights - In Q3 2025, the company achieved operating revenue of 1.13 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year increase of 70.4% [2][4][11]. - The company is expanding its product matrix in aluminum die-casting, extrusion, and forging for automotive components, while also accelerating its layout in magnesium alloys and actively entering the robotics sector [6][11]. - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [6][11]. Summary by Sections Financial Performance - In Q3 2025, the company reported a gross margin of 21.5%, which improved by 3.7 percentage points year-on-year but decreased by 1.3 percentage points quarter-on-quarter due to lower capacity utilization [11]. - The company’s operating expenses ratio was 11.8%, an increase of 1.9 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [11]. - The net profit margin for Q3 2025 was 8.8%, reflecting a year-on-year increase of 3.6 percentage points [11]. Market Position and Strategy - The company has successfully secured approximately 1.9 billion yuan in orders from mainstream North American electric vehicle manufacturers and has concentrated on key projects with leading domestic new energy vehicle manufacturers [11]. - The company’s overseas production facility in Mexico began operations in June 2025, and a new base in Thailand broke ground in July 2025, supporting its global expansion strategy [11]. - The company is also advancing its energy storage business, achieving approximately 300 million yuan in revenue from related projects in the first half of 2025, surpassing the total revenue for 2024 [11]. Future Outlook - The company forecasts net profits attributable to shareholders of 430 million yuan, 580 million yuan, and 740 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 35.3X, 26.0X, and 20.4X [6][11].

Core Viewpoint - On November 11, Xusheng Group announced that investors holding the "Sheng 24 Convertible Bond" can either continue trading in the secondary market within the specified time or convert at a price of 12.51 CNY per share. If forced redemption occurs, investors may face significant losses [1] Group 1 - Investors can trade the "Sheng 24 Convertible Bond" in the secondary market or convert it at a price of 12.51 CNY per share [1] - In case of forced redemption, investors will receive 100 CNY per bond plus accrued interest of 0.1677 CNY per bond, totaling 100.1677 CNY per bond [1] - The announcement highlights the potential for substantial investment losses if forced redemption takes place [1]

● 会议召开时间：2025年11月19日（星期三）下午15:00－16:00 ● 会议召开地点：证券日报网路演平台（http://www.zqrb.cn/huiyi/lyhd/inde x.html） ● 会议召开方式：文字网络互动 ● 投资者可在业绩说明会召开日前（11月12日-11月18日），提前将需要了 解 的 情 况 和 有 关 问 题 通 过 电 子 邮 件 发 送 至 公 司 董 事 会 办 公 室 邮 箱 xsgf@nbxus.com。公司将在本次业绩说明会上对投资者关注的问题进行交流。 | 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | | 宁波旭升集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 独立董事：彭力明先生 宁波旭升集团股份有限公司（以下简称"公司"）已于2025年10月31日在 ...

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-081 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 关于实施"升 24 转债"赎回暨摘牌的 第十三次提示性公告 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： 自 2025 年 11 月 11 日起，"升 24 转债"停止交易。 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 11 日收市后，距离 11 月 13 日（"升 24 转债"最后转股 日）仅剩 2 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 年 10 月 15 日，已有十五个交易日的收盘价格不低于"升 24 转债"当期 转股价格 12.51 元/股的 130%（含 16.26 元/股）。根据《宁波旭升集团股份有限 ...

Core Viewpoint - On November 10, Xusheng Group announced that investors holding the "Sheng 24 Convertible Bond" can either continue trading in the secondary market within the specified time or convert at a price of 12.51 CNY per share. If not, they will face mandatory redemption at a price of 100 CNY per bond plus accrued interest of 0.1677 CNY per bond, totaling 100.1677 CNY per bond, which may lead to significant investment losses [1] Group 1 - Xusheng Group issued a notice regarding the options available to investors holding the "Sheng 24 Convertible Bond" [1] - Investors can trade in the secondary market or convert their bonds at a specified price [1] - Mandatory redemption could result in substantial losses for investors if they do not act within the given timeframe [1]

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： 自 2025 年 11 月 11 日起，"升 24 转债"停止交易。 关于实施"升 24 转债"赎回暨摘牌的 第十二次提示性公告 | 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-080 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 赎回登记日：2025 年 11 月 13 日 赎回价格：100.1677 元/张 赎回款发放日：2025 年 11 月 14 日 最后交易日：2025 年 11 月 10 日 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 10 日收市后，距离 11 月 13 日（"升 24 转债"最后转股 日）仅剩 3 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 ...

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-079 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 关于实施"升 24 转债"赎回暨摘牌的 第十一次提示性公告 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： 截至 2025 年 11 月 7 日收市后，距离 11 月 10 日（"升 24 转债"最后交易日） 仅剩 1 个交易日，11 月 10 日为"升 24 转债"最后一个交易日。 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 7 日收市后，距离 11 月 13 日（"升 24 转债"最后转股日） 仅剩 4 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 年 10 月 15 日，已有十五个交易日的收盘价格不低于"升 24 转 ...

Core Viewpoint - The company reported its Q3 2025 performance, showing stable revenue growth driven by key clients, particularly Tesla, and a decline in profit margins due to new project ramp-up and raw material price fluctuations [1][2]. Financial Performance - Q3 2025 revenue reached 1.13 billion, with year-on-year and quarter-on-quarter growth of 0.41% and 7.64% respectively [1]. - Net profit attributable to shareholders was 99 million, reflecting a year-on-year increase of 70.43% but a quarter-on-quarter decrease of 5.5% [1]. - Non-GAAP net profit was 91 million, with year-on-year growth of 96.36% and a quarter-on-quarter decline of 5.22% [1]. - Gross margin for Q3 2025 was 21.45%, showing a year-on-year increase of 3.23 percentage points but a quarter-on-quarter decrease of 1.30 percentage points [2]. - Net margin stood at 8.78%, with year-on-year growth of 3.61 percentage points but a quarter-on-quarter decline of 1.22 percentage points [2]. Development Trends - Revenue stabilization is attributed to key clients, with Tesla delivering 497,000 vehicles in Q3 2025, a quarter-on-quarter increase of 29.4% [2]. - The energy storage business is expanding, with partnerships established with several global energy storage integrators [2]. - The company anticipates improved performance in Q4 due to the traditional automotive peak season [2]. Cost and Expenses - The company experienced an increase in the expense ratio to 11.8% in Q3 2025, with a year-on-year increase of 1.5% and a quarter-on-quarter increase of 3.3 percentage points [2]. - Financial expenses rose, contributing to a decrease in profitability, with estimated foreign exchange gains dropping by approximately 33 million [2]. Future Outlook - The company expects a reduction in financial expenses following the strong redemption of convertible bonds and anticipates gradual recovery in profitability as new projects complete their ramp-up phase [3]. Global Expansion and New Growth Points - The company is accelerating its global expansion, with a factory in Mexico operational since June 2025 and a new facility in Thailand under construction [4]. - New business developments include investments in magnesium alloy components for robots and vehicles, with successful integration of magnesium alloy projects with several international clients [4]. Profit Forecast and Valuation - Due to increased industry competition and pressure on client sales, the company has revised its profit forecasts for 2025 and 2026 down by 15.9% and 5.9% to 420 million and 600 million respectively [5]. - The current stock price corresponds to a P/E ratio of 36.2x for 2025 and 25.5x for 2026, with a target price of 18.3 yuan, indicating a potential upside of 22.9% [5].

| 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 转债 24 | | 宁波旭升集团股份有限公司 关于实施"升 24 转债"赎回暨摘牌的 第十次提示性公告 本次提前赎回完成后，"升 24 转债"将自 2025 年 11 月 14 日起在上海 证券交易所摘牌。 投资者所持"升 24 转债"除在规定时限内通过二级市场继续交易或按 照 12.51 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格 加当期应计利息 0.1677 元/张（即合计 100.1677 元/张）被强制赎回。若 被强制赎回，可能面临较大投资损失。 公司特提醒"升 24 转债"持有人注意在限期内转股或卖出。 转股价格 12.51 元/股的 130%（含 16.26 元/股）。根据《宁波旭升集团股份有限 公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定， 已触发"升 24 转债"的有条件赎回条款。公司第四届董事会第十一次会议，审 议通过了《关于提前赎回"升 24 转债"的议案》，公司董事 ...

Core Points - As of November 6, 2025, there are only 2 trading days left until the last trading day for "升24转债" on November 10 [2] - The last conversion date for "升24转债" is November 13, 2025, with 5 trading days remaining [2] - Investors can either continue trading "升24转债" in the secondary market or convert it at a price of 12.51 CNY per share [2] - If investors do not take action, they may face forced redemption at a price of 100 CNY per bond plus accrued interest of 0.1677 CNY per bond, totaling 100.1677 CNY per bond [2] - Forced redemption could lead to significant investment losses for investors [2]