2025 年 9 月 2 日清晨，文灿集团股份有限公司（以下简称"公司"）全资子 公司天津雄邦压铸有限公司（以下简称"天津雄邦"）后处理车间发生火灾事故 ，波及立体仓库。事故发生后，公司立即启动突发应急预案，成立现场应急小组 ，全力配合当地消防部门开展现场灭火救援，火情已经扑灭。经初步排查，事故 原因初步判断为设备在使用过程中接触不良产生电火花引起，具体原因有待进一 步详细核实。 二、对公司的影响及应对措施 本次事故未造成人员伤亡，未对天津雄邦压铸、机加车间及其他库房造成影 响，事故现场部分厂房、设备和存货受损，具体损失情况正在核实评估，初步预 计将对 2025 年全年业绩产生一定影响。同时，天津雄邦因本次事故部分需后处 理的产品的生产进度将受到一定影响。事故发生后，公司已成立工作小组妥善处 理生产经营调度等事宜。公司正统筹安排，通过调整生产流程和产能调配，尽最 大努力减少或消除对客户订单交付的影响。 截至本公告日，公司其他下属子公司生产经营情况正常。公司将全力配合相 关部门对事故进行调查，认真查明事故原因，敦促下属各子公司、各生产基地加 强自身的安全管理，防止类似事故再次发生。 证券代码：603348 证券 ...

Core Viewpoint - The fire incident at Tianjin Xiongbang Die Casting Co., Ltd., a wholly-owned subsidiary of Wencan Co., Ltd., occurred on September 2, 2023, causing damage to some facilities and inventory, with preliminary estimates indicating a potential impact on the company's 2025 annual performance [1] Group 1 - The fire was caused by electrical sparks due to poor contact during equipment use, with further investigation needed to confirm the exact cause [1] - No casualties were reported, and the main production areas, including the die casting and machining workshops, were not affected by the incident [1] - The incident is expected to affect the production schedule of certain products requiring post-processing [1]

Core Viewpoint - The company announced a fire incident at its wholly-owned subsidiary, Tianjin Xiongbang Die Casting Co., Ltd., which affected the warehouse and production processes, but no casualties were reported [1] Incident Details - The fire occurred in the post-processing workshop and was caused by electrical sparks due to poor contact during equipment use, with further investigation needed to confirm the exact cause [1] - The company activated its emergency response plan immediately and formed a response team to assist local firefighting efforts [1] Impact Assessment - Initial assessments indicate that the fire did not affect the main production areas or personnel, but some facilities, equipment, and inventory were damaged [1] - The estimated impact on the company's overall performance for the year 2025 is expected to be significant, although specific loss figures are still being evaluated [1] - Production schedules for certain products requiring post-processing will be affected, but the company is working to adjust production processes and capacity to minimize delivery impacts on customer orders [1]

本次事故未造成人员伤亡，未对天津雄邦压铸、机加车间及其他库房造成影响，事故现场部分厂房、设 备和存货受损，具体损失情况正在核实评估，初步预计将对2025年全年业绩产生一定影响。同时，天津 雄邦因本次事故部分需后处理的产品的生产进度将受到一定影响。事故发生后，公司已成立工作小组妥 善处理生产经营调度等事宜。公司正统筹安排，通过调整生产流程和产能调配，尽最大努力减少或消除 对客户订单交付的影响。 格隆汇9月4日丨文灿股份(603348.SH)公布，2025年9月2日清晨，公司全资子公司天津雄邦压铸有限公 司（以下简称"天津雄邦"）后处理车间发生火灾事故，波及立体仓库。事故发生后，公司立即启动突发 应急预案，成立现场应急小组，全力配合当地消防部门开展现场灭火救援，火情已经扑灭。经初步排 查，事故原因初步判断为设备在使用过程中接触不良产生电火花引起，具体原因有待进一步详细核实。 ...

Core Viewpoint - The company announced a fire incident at its wholly-owned subsidiary, Tianjin Xiongbang Die Casting Co., Ltd., which occurred on September 2, 2025, affecting the warehouse but not resulting in any casualties [1] Summary by Relevant Sections - **Incident Details** - A fire occurred in the post-processing workshop of Tianjin Xiongbang Die Casting Co., Ltd. on September 2, 2025, impacting the automated warehouse [1] - The incident did not cause any injuries and did not affect the die-casting workshop or other storage facilities [1] - **Impact on Operations** - Some factory buildings, equipment, and inventory were damaged due to the fire [1] - The company anticipates a certain impact on its overall performance for the year 2025 as a result of the incident [1] - **Response Measures** - The company has established a task force to manage production and operational adjustments [1] - Efforts are being made to minimize the impact on customer order deliveries [1] - The company will fully cooperate with relevant authorities to investigate the cause of the incident and enhance safety management to prevent similar occurrences in the future [1]

Core Viewpoint - The fire incident at Tianjin Xiongbang Die Casting Co., Ltd., a wholly-owned subsidiary of Wencan Co., Ltd., occurred on September 2, 2025, affecting the company's operations and is expected to impact the annual performance for 2025 [1] Incident Details - A fire broke out in the post-processing workshop and affected the automated warehouse, with the initial cause suspected to be electrical sparks due to poor contact during equipment use [1] - The company activated its emergency response plan immediately and formed a site emergency team to assist local fire departments in firefighting efforts, which have successfully extinguished the fire [1] - There were no casualties reported, and the main die-casting and machining workshops, as well as other warehouses, were not affected [1] Damage Assessment - Some factory buildings, equipment, and inventory were damaged, with specific loss assessments currently underway [1] - The incident is expected to have a certain impact on the company's overall performance for the year 2025 [1] Production Impact - The production schedule for some products requiring post-processing will be affected due to the incident [1] - The company has established a working group to manage production and operational adjustments, aiming to minimize or eliminate impacts on customer order deliveries [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 25.8 CNY [2][8]. Core Views - The company's revenue for the first half of 2025 was 2.8 billion CNY, a year-on-year decrease of 9%, with a net profit attributable to shareholders of 0.13 billion CNY, down 84% year-on-year [2][8]. - The company's performance is under pressure due to external factors, particularly in overseas markets, but there are expectations for marginal improvements in the future [2][8]. - The domestic market shows signs of recovery, with the company's main operations achieving a net profit of 0.80 billion CNY, reflecting a 10% year-on-year increase [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 6,247 million CNY, 6,275 million CNY, 7,038 million CNY, and 7,467 million CNY respectively, with growth rates of 22.5%, 0.4%, 12.2%, and 6.1% [4][9]. - Net profit attributable to shareholders is projected to be 115 million CNY in 2024A, 87 million CNY in 2025E, 231 million CNY in 2026E, and 256 million CNY in 2027E, with corresponding growth rates of 128.2%, -24.6%, 166.9%, and 10.8% [4][9]. - The company's earnings per share (EPS) is expected to be 0.37 CNY in 2024A, 0.28 CNY in 2025E, 0.74 CNY in 2026E, and 0.82 CNY in 2027E [4][9]. Market Performance - The company's stock price has shown fluctuations, with a 12-month high of 29.61 CNY and a low of 20.01 CNY [5][9]. - The company is positioned as a benchmark in the integrated die-casting industry, with expectations for performance recovery in the latter half of the year and into the next [2][8].

Group 1 - The company, Wencan Co., Ltd. (603348.SH), confirmed on August 26 that it does not supply products to Chery Intelligent Technology [2] - An investor inquired about the company's relationship with Chery Intelligent Technology on an investor interaction platform [2] - The response indicates that Wencan Co., Ltd. is not a supplier for this particular client [2]

Group 1 - The company, 文灿股份 (603348.SH), has confirmed its involvement in providing products related to the 尊界 project [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to losses from its French subsidiary, Bailian Group, while its main operations showed stability and growth in certain segments [2][3]. Revenue Summary - In H1 2025, the company's total revenue was 2.8 billion yuan, a year-on-year decrease of 8.88%. The revenue for Q2 2025 was 1.53 billion yuan, down 4.0% year-on-year but up 20.6% quarter-on-quarter [2][3]. - The main operations (excluding Bailian Group) achieved revenue of 1.599 billion yuan in H1 2025, remaining stable compared to the previous year. Revenue from body structure components increased by 13.43% to 756 million yuan, driven by the release of large integrated body component orders [3]. Profit Summary - The net profit attributable to the parent company in H1 2025 was 13 million yuan, a significant decline of 83.98% year-on-year, mainly due to losses from Bailian Group. The main operations reported a net profit of 80 million yuan, an increase of 9.95% year-on-year, supported by cost reduction and efficiency improvement measures [3]. - In Q2 2025, the net profit attributable to the parent company was 10 million yuan, with the main operations contributing 50 million yuan, reflecting the benefits of scale effects and cost management [3]. Expense Summary - The company's expense ratios for sales, management, R&D, and financial costs in H1 2025 were 4.9%, 3.8%, 5.1%, and -1.0%, respectively, showing a year-on-year improvement in expense structure, which supports profitability [4]. Strategic Developments - The company is deepening its high-end customer and product strategy, with significant breakthroughs in core business areas. The Anhui factory's capacity for large integrated body components was released in June, and the company is accelerating its global capacity layout [5]. - The fifth-generation smart factory in Anhui has commenced production, integrating super die-casting units and AI visual inspection technology, enhancing the manufacturing capabilities for integrated castings [5]. Customer and Market Outlook - The company is a core supplier for Huawei's Seres, with significant vehicle deliveries expected from new models. The ramp-up of core customer models and new project launches starting in 2025 is anticipated to drive capacity utilization and improve performance [6]. - The company is positioned as a pioneer in integrated die-casting, actively engaging with leading new energy vehicle manufacturers, with a strong order backlog expected to support gradual performance improvement [7]. Financial Projections - The company has adjusted its earnings forecast, expecting revenues of 6.42 billion yuan, 7.80 billion yuan, and 9.54 billion yuan for 2025, 2026, and 2027, respectively. Net profits are projected to be 127 million yuan, 288 million yuan, and 435 million yuan for the same years [10].