证券代码：603319 证券简称：美湖股份 公告编号：2025-075 湖南美湖智造股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发 布公司 2025 年三季度报告，为便于广大投资者更全面深入地了解公司 2025 年三 季度经营成果、财务状况，公司计划于 2025 年 12 月 01 日（星期一）10:00-11:00 举行 2025 年三季度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2025 年 12 月 01 日（星期一）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 湖南美湖智造股份有限公司 关于召开 2025 年三季度业绩暨现金分红说明会的 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 ...

Core Viewpoint - Meihua Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 152.86% and a recent decline in the last 20 days by 3.19% [2] Financial Performance - For the period from January to September 2025, Meihua Co., Ltd. achieved a revenue of 1.624 billion yuan, representing a year-on-year growth of 9.75%. However, the net profit attributable to shareholders decreased by 10.67% to 129 million yuan [3] - The company has distributed a total of 402 million yuan in dividends since its A-share listing, with 186 million yuan distributed over the last three years [4] Stock Market Activity - As of November 21, the stock price of Meihua Co., Ltd. was 35.20 yuan per share, with a market capitalization of 11.938 billion yuan. The trading volume was 39.9962 million yuan, with a turnover rate of 0.33% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of -69.4769 million yuan on March 3, and total buy and sell amounts of 177 million yuan and 246 million yuan, respectively [2] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 3.85% to 24,300, with an average of 13,979 circulating shares per person, a decrease of 3.71% [3] - Notable institutional shareholders include Yongying Advanced Manufacturing Mixed Fund, which increased its holdings by 5.9971 million shares, and new entrants such as Hong Kong Central Clearing Limited [5]

Core Viewpoint - The report indicates that Meihua Co., Ltd. experienced a decline in net profit for the first three quarters of 2025, with a notable drop in Q3, while the company's robotics business continues to show breakthroughs [1] Financial Performance - For Q1-Q3 2025, the net profit attributable to the parent company was 129 million yuan, representing a year-on-year decrease of 10.66% [1] - In Q3 alone, the net profit attributable to the parent company was 28 million yuan, reflecting a year-on-year decline of 47.38% and a quarter-on-quarter decrease of 41.13% [1] Business Strategy and Outlook - The company is recognized as a high-quality supplier of pump products and is committed to strategic goals of "energy-saving, integrated modularization, electrification, new energy, and lightweight" [1] - While continuing to develop engine pump products, the company is also expanding its product line, achieving breakthroughs in areas such as transmission/gearbox oil pumps, electronic pumps, motors, planetary/harmonic reducers, and intelligent joint modules [1] - The future performance of the company is expected to be promising, leading to an initial coverage rating of "Buy" [1]

湖南美湖智造股份有限公司 603319 2025 年第三次临时股东会 会议资料 召开时间：2025 年 11 月 27 日 14 时 30 分 5、股东会主持人应回答股东的合理问询，或指定有关人员回答。如涉及的 问题比较复杂，可以在股东会结束后做出答复。若股东的问询与议题无关，或涉 及公司商业秘密，或可能明显损害公司或股东的合法利益，股东会主持人和相关 人员有权拒绝回答。 6、本次股东会采取现场投票与网络投票相结合的方式。 7、现场表决采用记名方式，以填写表决票的方式投票表决，由律师代表、 两名股东（或授权代表）计票和监票，请各位股东在表决票上签名。 1 一、2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率根据《公 司法》《证券法》《上市公司治理准则》《上海证券交易所股票上市规则》《湖南美 湖智造股份有限公司章程》《股东会议事规则》等相关法律、法规、规范性文件 和公司内部规章制度，制定本须知，请出席股东会的全体人员自觉遵守。 1、为能及时统计出席会议的股东（股东代理人）所代表的持股总数，做好 会务接待工作，希望拟参加本次股东会现场会议的各位股东配合公司做好登记工 ...

Core Viewpoint - Meihua Co., Ltd. has experienced a significant stock price increase, with a 5.08% rise on November 18, reaching 37.64 CNY per share, and a cumulative increase of 9.14% over three days [1] Group 1: Company Overview - Meihua Co., Ltd. is located in Hengdong County, Hunan Province, and was established on July 4, 1994, with its listing date on November 30, 2016 [1] - The company specializes in the research, manufacturing, and sales of key components for engine systems, particularly pump products [1] - The revenue composition includes: 28.57% from diesel engine oil pumps, 21.57% from new energy vehicle components, 15.28% from gasoline engine oil pumps, and other segments contributing smaller percentages [1] Group 2: Fund Holdings - The Oriental Alpha Fund holds a significant position in Meihua Co., Ltd., with 1.2538 million shares, accounting for 3.41% of the fund's net value, ranking as the tenth largest holding [2] - The fund has realized a floating profit of approximately 2.2818 million CNY today and 3.7613 million CNY during the three-day price increase [2] Group 3: Fund Manager Information - The fund manager of Oriental Alpha Fund is Zhou Mi, who has been in the position for 7 years and 261 days, managing assets totaling 6.989 billion CNY [3] - Under Zhou Mi's management, the fund has achieved a best return of 112.22% and a worst return of -5.11% [3]

Core Viewpoint - Meihua Co., Ltd. has disclosed that it is successfully mass-producing and delivering reducer joint module components as per customer requirements [1] Production Capacity - The company currently has an annual production capacity of 5 million sets of gears, 3.2 million sets of motors, and 50,000 sets of harmonic reducers [1] - The company's subsidiary, Dongjia Intelligent, has an annual production capacity of 2 million sets of chip components [1] Market Development - The company is actively participating in the synchronous development with high-quality customers and is implementing new capacity layouts based on market development progress [1] - The core components project for embodied intelligence has attracted over ten leading robot clients, including Tencent, Galaxy General, and Ant Group [1]

Core Viewpoint - Meihua Co., Ltd. (603319.SH) has confirmed that it is meeting customer demands by delivering components for reducer joint modules in normal production volumes [1] Production Capacity - The company has an annual production capacity of 5 million sets of gears, 3.2 million sets of motors, and 50,000 sets of harmonic reducers [1] - The company's subsidiary, Dongjia Intelligent, has an annual production capacity of 2 million sets of surface mount devices [1] Market Development - The company is actively involved in the synchronous development with high-quality customers and is implementing new capacity layouts based on market development progress [1]

Core Viewpoint - The company has successfully transitioned to mass production of components for a leading robotics manufacturer, indicating strong operational capabilities and customer demand [1] Group 1: Company Operations - The company provides reducer joint module components to Y Company (Yushu Technology), a leading robotics manufacturer in Hangzhou [1] - The company has achieved normal mass production delivery of components as per customer requirements [1] Group 2: Production Capacity - The company has an annual production capacity of 5 million sets of gears, 3.2 million sets of motors, and 50,000 sets of harmonic reducers [1] - The company's subsidiary, Dongjia Intelligent, has an annual production capacity of 2 million sets of surface mount devices [1]

Core Insights - The data center industry in China is experiencing significant growth driven by "new infrastructure" initiatives and the increasing demand for computing power, with the total number of operational racks expected to reach 10.85 million by June 2025, doubling from the end of 2021 [1][11] - The power supply system is critical for data centers, typically consisting of the grid, UPS, and diesel generators, where UPS provides short-term power backup and diesel generators ensure longer operational continuity [1][2] - The demand for diesel generators in data centers is projected to increase significantly, with an expected need for 4,555 units in 2024, representing a year-on-year growth of 66.9%, and over 5,600 units anticipated in 2025 [1][12] Industry Overview - Diesel engines are essential for data centers, providing backup power to prevent service interruptions and data loss during outages [2][4] - The construction cost of data centers is divided into IT hardware (60%), supporting infrastructure (30%), and civil engineering (10%), with diesel generators accounting for 6-7% of the total construction cost [4][5] Market Demand - The demand for high-end diesel generators is surging due to the ongoing construction of data centers, with a notable increase in the need for diesel engines [1][12] - The market for diesel engines in data centers is currently dominated by foreign companies like Cummins and MTU, which have established a duopoly, while domestic companies like Weichai Heavy Machinery play a minor role [1][12] Competitive Landscape - The foreign dominance in the diesel engine market is attributed to their technological advantages and established market presence, but domestic manufacturers are improving their capabilities and competitiveness [1][12] - Domestic companies are focusing on R&D and have made significant advancements in engine performance metrics, positioning themselves to capture a larger market share [1][12] Future Trends - The diesel engine market for data centers is expected to grow, with demand projected to exceed 7,000 units by 2027, driven by the increasing reliability requirements for power supply due to the rise of cloud computing and AI [1][12] - The industry is also moving towards higher efficiency and lower carbon emissions in line with environmental regulations, which will shape the future development of diesel engines [1][12]

Core Insights - The company, Meihu Co., is one of the earliest manufacturers of engine pump products in China, with a diverse product range that has expanded into various sectors including electric pumps and components for new energy vehicles [3][4] - The company reported a revenue of 1.624 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 9.64%, while the net profit attributable to shareholders decreased by 10.66% to 129 million yuan [4] - The company has established a robotics division in September 2025 to capitalize on opportunities in the robotics industry, with a production capacity of 50,000 sets per year for harmonic reducers [6][7] Company Overview - Meihu Co. has a strong market presence with a leading market share, supported by a stable customer base that includes top domestic and international enterprises [3] - The company has maintained a net asset return rate of over 10% annually for the past decade, indicating a solid business foundation [3] Recent Performance - The company's electronic pump business has seen rapid growth, contributing to the overall revenue increase, despite a decline in net profit due to significant investments in projects and increased R&D expenses [4] - New product projects include hybrid oil pumps and electronic oil pumps, with partnerships established with major automotive manufacturers [5] Strategic Developments - The company has launched a new materials division focused on high-performance PEEK materials, targeting applications in various high-value sectors such as aerospace and medical devices [8] - Recent management changes were made to align with the company's governance structure, including the appointment of a new general manager and the addition of a board member with extensive company experience [9]