| 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2025-055 | | --- | --- | --- | | 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 年半年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： ● 会议召开时间：2025年9月16日（星期二）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（9月9日-9月15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。 宁波旭升集团股份有限公司（以下简称"公司"）已于2025年8月28日在上海 证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了《公司202 ...

上 市 公 司 ——降本增效+开拓新业务，盈利能力持续改善 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 09 月 05 日 | | --- | --- | | 收盘价（元） | 14.82 | | 一年内最高/最低（元） | 19.97/8.30 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 2.56 | | 流通 A 股市值（百万元） | 14,128 | | 上证指数/深证成指 | 3,812.51/12,590.56 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.81 | | 资产负债率% | 50.99 | | 总股本/流通 A 股（百万） | 953/953 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-05 10-05 11-05 12-05 01-05 02-05 03-05 04-05 05-05 06-05 07-05 08-05 09-05 -50% 0% 50% 100% ...

Group 1: Gold Market Analysis - Recent surge in gold prices, with London gold reaching nearly $3580 per ounce on September 3, 2025, after a four-month period of high volatility [12][10] - Under neutral assumptions, the gold price midpoint for the second half of the year is projected at $3627 per ounce, with an optimistic scenario suggesting a rise to $3816 per ounce [12][10] - Key drivers for the recent price increase include a shift in investment from long-term US and European bonds to gold due to concerns over debt risks, particularly in Europe [12][11] Group 2: International Beauty Market Trends - The global beauty market is expected to grow at a rate of 4.5% in 2024, down from 8% in 2023, with significant regional disparities [13][13] - The European market outperformed the global average with a 7.5% year-on-year growth, while the North Asia market saw a decline of 2% [13][13] - Major international beauty brands are adapting to the competitive landscape in China by embracing new online channels and local partnerships, leading to a slight recovery in market performance [13][13] Group 3: Fourth Paradigm Company Overview - The company is projected to achieve revenues of 68.52 billion, 88.19 billion, and 112.26 billion yuan from 2025 to 2027, with year-on-year growth rates of 30%, 29%, and 27% respectively [17][17] - The company is expected to turn a profit by 2025, with net profits forecasted at 0.55 billion, 2.83 billion, and 5.68 billion yuan for the same period [17][17] - The company's strategy focuses on standardization, which is anticipated to drive rapid industry expansion and maintain long-term competitiveness [14][14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company's performance in the first half of 2025 met expectations, with revenue decreasing by 2.5% year-on-year to 2.1 billion yuan, and net profit attributable to shareholders down 24.2% to 200 million yuan [1]. - The gross margin showed signs of recovery in the second quarter of 2025, benefiting from business structure optimization and expected continued improvement in the second half of 2025 [2]. - The company is transitioning into a lightweight system solution provider, with a focus on emerging sectors such as energy storage and robotics, and is accelerating its global capacity expansion [3]. Summary by Sections Financial Performance - In 1H25, the company achieved revenue of 2.1 billion yuan, accounting for approximately 40% of the full-year revenue forecast, while net profit was 200 million yuan, also about 40% of the annual estimate [1]. - The gross margin for 1H25 was 21.8%, a decrease of 1.0 percentage points year-on-year, but improved to 22.7% in 2Q25, reflecting a year-on-year increase of 1.1 percentage points [2]. Business Strategy - The company is diversifying into high-growth sectors, particularly energy storage and robotics, while maintaining its core business in the new energy vehicle sector [3]. - The establishment of global production bases in Mexico and Thailand is expected to enhance the company's market reach and operational efficiency [3]. Future Outlook - The report projects net profits for 2025, 2026, and 2027 to be 500 million yuan, 660 million yuan, and 880 million yuan respectively, indicating a positive growth trajectory [4]. - The anticipated growth in the energy storage business and the release of quality projects in the automotive sector are expected to drive further improvements in gross margin [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 1.05 billion yuan in Q2 2025, representing a year-on-year increase of 3.9%, while the net profit attributable to the parent company was 100 million yuan, down 2.4% year-on-year [2][4]. - The company is expanding its product offerings in aluminum die-casting, extrusion, and forging for automotive parts, while also accelerating its layout in magnesium alloys and the robotics sector [2][8]. - 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 [2][8]. Summary by Sections Financial Performance - In Q2 2025, the company reported a gross margin of 22.7%, an increase of 2.1 percentage points year-on-year and 1.9 percentage points quarter-on-quarter, driven by product structure optimization and cost reduction efforts [8]. - The company’s operating expenses ratio was 8.5%, down 1.8 percentage points year-on-year and 2.7 percentage points quarter-on-quarter, benefiting from a decrease in financial expenses [8]. Business Development - The company has secured approximately 1.9 billion yuan in orders from mainstream North American electric vehicle platforms and has won key project bids from several leading domestic new energy manufacturers [8]. - The company’s Mexican factory commenced operations in June 2025, and a new facility in Thailand broke ground in July 2025, supporting its global expansion strategy [8]. Future Outlook - The company is expected to achieve net profits of 480 million yuan, 620 million yuan, and 770 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28.6X, 22.3X, and 17.9X [8].

Summary of Key Points Core Viewpoint - A total of 271 stocks received buy ratings from institutions today, with notable upgrades for SAIC Motor and InnoCare Pharma, and 28 stocks receiving initial attention from institutions [1]. Institutional Ratings - 311 buy rating records were published today, covering 271 stocks, with XCMG and BYD being the most frequently rated, each receiving three buy ratings [1]. - Among the stocks rated, 48 records provided future target prices, with 30 stocks showing an upside potential exceeding 20%. China Communications Construction Company had the highest upside potential at 49.55%, with a target price of 13.31 yuan [1]. - Two stocks, SAIC Motor and InnoCare Pharma, had their ratings upgraded today [1]. Market Performance - Stocks with buy ratings averaged a decline of 0.82% today, outperforming the Shanghai Composite Index. 71 stocks saw price increases, with Weilon Co. hitting the daily limit [2]. - The top gainers included DaoTech, Giant Network, and Jingxin Pharmaceutical, with increases of 9.74%, 9.54%, and 6.45% respectively. Conversely, the largest declines were seen in Hangfa Technology, Youyou Foods, and Yokogawa Precision, with drops of 9.96%, 9.77%, and 8.14% respectively [2]. Industry Focus - The electronics sector was the most favored, with 28 stocks, including Crystal Optoelectronics and Micro Company, listed among the buy-rated stocks. The pharmaceutical and electric equipment sectors also attracted attention, with 24 and 23 stocks respectively [2].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 21.37 [1][5]. Core Views - The company has shown signs of recovery in Q2 with a revenue increase of 3.89% year-on-year, and the H1 revenue from the energy storage business reached approximately RMB 300 million [2][3]. - The company is expanding its production capacity both domestically and internationally, with a focus on new business areas such as energy storage, robotics, and magnesium alloy [4]. - The profitability is improving, with a Q2 gross margin of 22.75%, reflecting a sequential increase due to lower raw material costs and a higher proportion of revenue from emerging businesses [3]. Revenue Summary - In H1 2025, the company achieved revenue of RMB 2.096 billion, a year-on-year decrease of 2.47%, while the net profit attributable to the parent company was RMB 201 million, down 24.22% year-on-year [1]. - Q2 revenue was RMB 1.05 billion, showing a year-on-year decrease of 2.41% but a quarter-on-quarter increase of 9.77% [1][2]. Profitability Summary - The Q2 gross margin increased by 1.95 percentage points sequentially, attributed to lower aluminum prices and a higher revenue contribution from the energy storage business [3]. - The Q2 net profit margin was 10.00%, indicating a marginal improvement despite some losses from fair value changes and asset impairments [3]. Growth Prospects - The company is expected to see a rebound in revenue and profit from 2025 to 2027, with projected revenues of RMB 5.6 billion, RMB 6.8 billion, and RMB 8.1 billion respectively [5]. - The energy storage business is being positioned as a second growth curve, with ongoing efforts to secure new customer orders [2][4]. Valuation Metrics - The company is valued at a PE ratio of 36.2 times for 2025, with a target price adjustment from RMB 15.53 to RMB 21.37 [5][8]. - The market capitalization is approximately RMB 13.642 billion, with a closing price of RMB 14.31 as of September 1 [8].

Core Points - Ningbo Xusheng Group Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 on September 12, 2025, to discuss various proposals [1][3] - The meeting will utilize a combination of on-site and online voting methods to ensure shareholder participation [4][5] - A total of nine proposals will be reviewed during the meeting, including amendments to the company's governance structure and management systems [4][6] Proposal Summaries - **Proposal 1**: The company plans to cancel the supervisory board, transferring its responsibilities to the audit committee of the board of directors, in accordance with relevant laws and regulations [6][7] - **Proposal 2**: The company will change its registered capital due to the issuance of convertible bonds amounting to RMB 2.8 billion, increasing the total shares from 933,214,933 to 953,316,329 [6][7] - **Proposal 3**: Amendments to the company's articles of association will be made to align with the new governance structure, including the removal of references to the supervisory board [7][8] - **Proposal 4**: The company will revise its shareholder meeting rules to enhance governance and operational consistency with the amended articles of association [9] - **Proposal 5**: The board will also amend the board meeting rules to ensure compliance with updated legal and regulatory standards [10] - **Proposal 6**: The independent director working guidelines will be revised to reflect the new governance framework [11] - **Proposal 7**: The external guarantee management system will be updated to align with the revised articles of association [12] - **Proposal 8**: The management system for preventing the controlling shareholder and related parties from occupying company funds will be revised [13] - **Proposal 9**: The external investment management system will also be amended to ensure compliance with the updated governance structure [13]

二〇二五年九月十二日 宁波旭升集团股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年第一次临时股东大会会议资料 | | | | 2025 年第一次临时股东大会会议议程 | | 3 | | --- | --- | --- | | 2025 年第一次临时股东大会会议须知 | | 5 | | 议案一：关于变更注册资本、取消监事会并修订《公司章程》的议案 6 | | | | 议案二：关于修订公司《股东会议事规则》的议案 | | 8 | | 议案三:关于修订公司《董事会议事规则》的议案 | | 9 | | 议案四：关于修订公司《独立董事工作细则》的议案 | | 10 | | 议案五：关于修订公司《对外担保管理制度》的议案 | | 11 | | 议案六：关于修订公司《关联交易管理制度》的议案 | | 12 | | 议案七：关于修订公司《募集资金管理制度》的议案 | | 13 | | 议案八：关于修订公司《防范控股股东及关联方占用公司资金管理制度》的议案 | .. | 14 | | 议案九：关于修订公司《对外投资管理制度》的议案 | | 15 | 2 2025 年第一次临时股东大会会议资料 2025 年第 ...

Core Viewpoint - The company reported a positive performance in its 2025 Q2 results, with revenue and net profit showing significant year-on-year growth, indicating a recovery in the automotive market and effective cost management strategies [2][3]. Revenue Performance - In 2025 H1, the company achieved revenue of 3.45 billion yuan, a year-on-year increase of 6.2%, while the net profit attributable to shareholders was 570 million yuan, up 27.4% year-on-year [2]. - For 2025 Q2, the company reported revenue of 1.78 billion yuan, reflecting an 11.0% increase year-on-year and a 1.3% increase quarter-on-quarter [3]. - The growth in revenue is attributed to seasonal recovery in the passenger car market and the gradual release of new orders [3]. Profitability Analysis - The gross margin for 2025 Q2 was 29.7%, which is an increase of 2.1 percentage points year-on-year and 1.0 percentage point quarter-on-quarter, driven by a slight decrease in aluminum ingot prices and economies of scale [3]. - The net profit for 2025 Q2 reached 320 million yuan, marking a 44.9% increase year-on-year and a 22.7% increase quarter-on-quarter, primarily due to the recovery in gross margin and increased foreign exchange gains [3]. Cost Management - The company reported various expense ratios for 2025 Q2: sales expenses at 0.6%, management expenses at 6.5%, R&D expenses at 4.8%, and financial expenses at -4.2%, showing a mixed trend in cost management compared to previous periods [3]. Strategic Initiatives - The company is actively expanding into the robotics sector, establishing a wholly-owned subsidiary and planning to acquire a 71% stake in Zhuoerbo for 1.12 billion yuan, which is expected to enhance its technological capabilities and market reach in robotics [4]. - The acquisition is anticipated to leverage the company's strengths in precision manufacturing to drive innovation and growth in the robotics field [4]. Incentive Plans - The company has introduced a stock incentive plan, proposing to grant 8.032 million restricted shares, representing 0.8% of the total share capital, to attract and retain talent, ensuring long-term development [5]. - The performance targets set for 2025 and 2026 include revenue growth rates of at least 19.2% and 25.9%, respectively, indicating ambitious growth expectations [5]. Future Projections - The company expects to see continued growth in revenue and net profit from 2025 to 2027, with projected revenues of 8.26 billion yuan, 10.16 billion yuan, and 11.84 billion yuan, respectively, alongside net profits of 1.205 billion yuan, 1.490 billion yuan, and 1.789 billion yuan [8]. - The earnings per share (EPS) are forecasted to increase to 1.22 yuan, 1.51 yuan, and 1.82 yuan over the same period, reflecting a positive outlook for the company's financial performance [8].