证券代码：603381 证券简称：永臻股份 公告编号：2025-058 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 11 月 07 日（星期五）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 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法律责任。 重要内容提示： 一、说明会类型 永臻科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上 海证券交易所网站（www.sse.com.cn）披露了《2025 年第三季度报告》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 11 月 07 日（星期五）15:00-16:00 在"价值在线"（www.ir-online.cn） 举办 2025 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者 会议召开时间：2025 年 11 月 07 日（星期五）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召 ...

Summary of Yongzhen Co., Ltd. Conference Call Company Overview - **Company**: Yongzhen Co., Ltd. - **Industry**: Photovoltaic (PV) and Robotics Key Points Industry and Company Performance - Yongzhen's Q3 PV frame shipment volume reached approximately 360,000 tons, a year-on-year increase of 48% [2][3] - Revenue for the first three quarters of 2025 was CNY 9.049 billion, up 57.81% year-on-year, while net profit dropped 98.77% to CNY 2.1906 million [3] - The company adjusted its annual shipment target from 600,000 tons to 500,000-550,000 tons due to profitability pressures [2][9] Profitability Challenges - Profitability declined due to quality issues at the Vietnam facility and a decrease in domestic processing fees [2][4] - The Vietnam facility is operating at full capacity but has a profit margin of less than CNY 2,000 per ton, while domestic operations are facing a loss of approximately CNY 500 per ton [5][9] Expansion Plans - Following the acquisition of Jienowei, Yongzhen is focusing on large clients and plans to expand production capacity to 100,000 tons by the end of 2026 [2][6] - The company is also increasing processing fees for existing large clients by CNY 1,000 to 2,000 per ton [6][13] Robotics Business Development - Yongzhen has begun supplying components to leading robotics manufacturers and is developing new magnesium alloy lightweight models [7][15] - The current value per robot is approximately CNY 900, with plans to increase the supply of components [15] Market Outlook - Processing fees in Vietnam and the U.S. are stable at USD 800-900 and USD 1,000-1,200, respectively [10] - The company anticipates a market reshuffle by early 2026, with potential for increased market share due to cost advantages [9][10] Future Projections - The company expects to maintain full production at the Vietnam facility, with an estimated output of 90,000 to 100,000 tons for the year [9][12] - The target for 2026 is to achieve a market share increase through competitive market dynamics, with a planned output of 800,000 tons [17][18] New Business Developments - The Jienowei acquisition is expected to enhance profitability, with processing fees projected to rise significantly [13][14] - The company is also working on new product promotions, although market acceptance may take time due to strict requirements [17][18] Project Delays - The Inner Mongolia energy storage project has been delayed to Q2 2026 due to land and environmental assessment issues, with an expected investment of CNY 900-1,000 million [4][16] Competitive Advantages - The Baotou facility will leverage local supply chain advantages, reducing production costs by approximately CNY 500 compared to the East China region [19] This summary encapsulates the key insights from Yongzhen Co., Ltd.'s conference call, highlighting the company's performance, challenges, expansion plans, and market outlook.

Core Insights - Yongzhen Technology Co., Ltd. reported a revenue of 9.049 billion yuan and a net profit of 2.1906 million yuan for the first three quarters of 2025, indicating a decline in net profit due to multiple industry factors [1] - As a leading manufacturer of photovoltaic frames globally, Yongzhen continues to capture market share and solidify its leadership position through advantages in cost, capital, and capacity layout [1] - The company has set ambitious shipment targets for its frame products, aiming for no less than 600,000 tons, 800,000 tons, and 1 million tons from 2025 to 2027 [1] Business Expansion - Yongzhen has entered the liquid cooling technology sector through the acquisition of Zhejiang Jienowei Automotive Lightweight Technology Co., Ltd., marking the beginning of a second growth curve [1] - Jienowei's "flat extrusion" technology allows for the production of liquid cooling plates with higher internal flow channel precision, meeting the cooling needs of high power density battery cells, validated by major companies like BYD and Huawei [1] - Jienowei aims to achieve a production capacity of 100,000 tons by the end of 2026, with some production lines expected to commence in October to November of this year, and projected shipments of 30,000 to 40,000 tons in 2026 [1] Strategic Initiatives - The energy storage business is a key part of Yongzhen's strategic transformation and is steadily progressing to contribute to performance growth [2] - In June, Yongzhen announced a planned investment of 1.31 billion yuan to construct a 1.8GWh new energy storage power station and a supporting 220KV booster station in Baotou, Inner Mongolia, with the project entering a substantive advancement phase after completing filing in September [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Insights - The company reported a revenue of 9.05 billion yuan for the first three quarters of 2025, a year-on-year increase of 58%, but a significant decline in net profit attributable to shareholders, down 99% to 0.02 billion yuan [3][6]. - In Q3 2025, the company achieved a revenue of 3.352 billion yuan, up 52% year-on-year and 8% quarter-on-quarter, primarily driven by rising aluminum prices [4][6]. - The company is expanding its production capacity in Wuhu and Vietnam, with the Vietnam facility expected to contribute significantly to revenue growth due to its differentiated production capabilities [4][5]. Summary by Sections Performance Review - The company disclosed its Q3 2025 results, showing a revenue of 3.352 billion yuan, a 52% increase year-on-year and an 8% increase quarter-on-quarter, while net profit was a loss of 0.49 billion yuan [3][4]. Operational Analysis - The company is ramping up production in Wuhu and Vietnam, achieving full capacity by the end of August 2025, with Q3 shipments estimated at approximately 110,000 tons, including 25,000 tons from Vietnam [4]. - The gross margin decreased by 3.7 percentage points to 0.79% in Q3 2025 due to declining processing fees in the aluminum frame industry, impacting overall performance [4]. - The Vietnam facility is focusing on markets in the U.S. and India, where it is expected to achieve higher processing fees and profit margins due to limited supply [4][5]. Capacity Expansion and Business Development - The company is actively expanding its aluminum frame production capacity, with a new project in Baotou expected to produce 100GW of photovoltaic aluminum frames and 600,000 tons of aluminum alloy materials [5]. - The acquisition of Zhejiang Jienowei is aimed at entering high-growth sectors such as new energy vehicles and energy storage, enhancing the company's competitive edge [5][6]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 0.08 billion, 3.29 billion, and 5.48 billion yuan respectively, with expectations of profit and market share growth driven by the Vietnam facility and the acquisition of Jienowei [6].

北京商报讯（记者 马换换 王蔓蕾）10月27日晚间，永臻股份（603381）发布2025年三季报显示，公司 前三季度实现归属净利润约为219.06万元，同比下降98.77%。 财报显示，2025年前三季度，永臻股份实现营业收入约为90.49亿元，同比增长57.81%；对应实现归属 净利润约为219.06万元，同比下降98.77%。 ...

关于 2025 年前三季度计提资产减值准备的公告 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法律责任。 一、本次计提资产减值准备情况概述 根据《企业会计准则》和永臻科技股份有限公司（以下简称"公司"）会计政 策的相关规定，为客观、公允地反映公司截至 2025 年 9 月 30 日的财务状况及经 营成果，本着谨慎性原则，公司对截至 2025 年 9 月 30 日公司及下属子公司的资 产进行了减值测试，对可能发生资产减值损失的相关资产计提减值准备。公司 2025 年前三季度合并计提各项减值损失 33,695,246.98 元，其中信用减值损失 10,686,113.01 元，资产减值损失 23,009,133.97 元。 二、本次计提资产减值准备的情况说明 证券代码：603381 证券简称：永臻股份 公告编号：2025-057 永臻科技股份有限公司 （二）信用减值损失及资产减值损失计提说明 1、计提信用减值损失 公司依据《企业会计准则第 22 号——金融工具确认与计量》的相关规定， 对应收票据、应收账款、其他应收款等各类应收款项的信用风 ...

证券代码：603381 证券简称：永臻股份 公告编号：2025-056 永臻科技股份有限公司 第二届董事会第九次会议决议公告 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法律责任。 一、董事会会议召开情况 永臻科技股份有限公司（以下简称"公司"）第二届董事会第九次会议于 2025 年 10 月 27 日在公司会议室以现场结合通讯表决方式召开。本次会议由公司董事 长汪献利先生召集，会议通知和材料已于 2025 年 10 月 23 日以电子邮件等方式 通知公司全体董事。本次会议由董事长汪献利先生主持，应出席董事 9 人，实际 出席董事 9 人，公司董事会秘书、全体高级管理人员列席本次会议。本次会议的 召集、召开及表决程序符合《中华人民共和国公司法》等法律法规及《永臻科技 股份有限公司章程》的有关规定，会议决议合法、有效。 具体情况详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025年第三季度报告》。 2025 年 10 月 28 日 特此公告。 永臻科技股份有限公司董事会 本议案已经公司第二届董事会审计委员会 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥3,352,344,024.27, an increase of 52.29% compared to the same period last year[5] - The total profit for the third quarter was a loss of ¥93,573,818.46, with a year-to-date loss of ¥88,349,523.01, reflecting a decrease of 162.18% year-on-year[5] - The net profit attributable to shareholders for the third quarter was a loss of ¥49,443,729.85, a decrease of 2,802.94% compared to the same period last year[5] - The basic earnings per share for the third quarter was -¥0.2084, a decline of 2,340.86% year-on-year[6] - The net profit attributable to shareholders for the year-to-date period showed a decrease of 98.77% compared to the previous year[11] - The net profit for the first three quarters of 2025 was ¥2,190,598.22, a decrease from ¥178,411,655.89 in 2024, indicating a decline in profitability[21] - Other comprehensive income after tax for the first three quarters of 2025 was -¥50,694,931.01, worsening from -¥26,596,911.28 in 2024, indicating increased losses in this area[21] - The basic and diluted earnings per share for the current period were CNY 0.0092, a decrease from CNY 0.9024 in the previous period[22] - The company reported a net profit of -CNY 8,834.97 from the merged entity prior to consolidation, compared to -CNY 3,415,929.46 in the previous period[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥13,584,262,494.09, an increase of 26.28% compared to the end of the previous year[6] - The total assets increased to ¥13,584,262,494.09 in 2025 from ¥10,757,027,275.11 in 2024, representing a growth of 26.9%[18] - Current liabilities rose to ¥9,655,480,762.32 in 2025, compared to ¥6,727,839,894.96 in 2024, marking an increase of 43.5%[18] - Non-current liabilities increased to ¥352,212,784.71 in 2025 from ¥277,701,580.37 in 2024, reflecting a growth of 27.0%[18] - The total equity attributable to shareholders decreased to ¥3,576,568,947.06 in 2025 from ¥3,751,485,799.78 in 2024, a decline of 4.6%[18] Cash Flow - The company reported a cash flow from operating activities of -¥2,486,597,800.72 for the year-to-date period[6] - The total cash inflow from operating activities for the first three quarters of 2025 was approximately CNY 7.43 billion, a significant increase from CNY 3.94 billion in the same period of 2024, representing an increase of about 88.5%[23] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 2.49 billion, an improvement compared to -CNY 3.38 billion in the first three quarters of 2024[23] - The total cash outflow from investing activities in the first three quarters of 2025 was CNY 300.96 million, a decrease from CNY 812.19 million in the same period of 2024[24] - The net cash flow from financing activities for the first three quarters of 2025 was CNY 3.22 billion, compared to CNY 4.18 billion in the first three quarters of 2024, indicating a decrease of approximately 22.9%[24] - The total cash and cash equivalents at the end of the first three quarters of 2025 amounted to CNY 1.09 billion, up from CNY 474.34 million at the end of the same period in 2024[24] - The cash inflow from financing activities in the first three quarters of 2025 included CNY 3.52 billion from borrowings, an increase from CNY 2.43 billion in the same period of 2024[24] - The cash inflow from operating activities included CNY 60.98 million in tax refunds, slightly up from CNY 53.15 million in the previous year[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 18,309[13] - The largest shareholder, Wang Xianli, holds 88,118,640 shares, representing 37.14% of total shares[13] - The company has a total of 27,803,473 shares held by Shenzhen Ruiheheng Investment Consulting Center, accounting for 11.72% of total shares[14] - The company has no significant changes in the top 10 shareholders due to margin trading activities[15] Operational Insights - The company attributed the increase in operating revenue to growth in product sales[10] - The decline in total profit was primarily due to intensified competition in the photovoltaic industry and a decrease in prices, leading to a lower gross margin[10] - Research and development expenses for the first three quarters of 2025 were ¥73,280,017.82, slightly up from ¥72,877,688.74 in 2024, indicating a focus on innovation[20] - The company reported a significant increase in financial expenses, totaling ¥119,787,942.47 in 2025 compared to ¥60,897,307.39 in 2024, highlighting rising costs[20] - There are no other important reminders regarding the company's operational situation during the reporting period[15] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[25]

Core Insights - The humanoid robot industry is accelerating towards commercialization by 2025, with supply chain changes presenting new investment opportunities [1] - Yongzhen Co., Ltd. (603381.SH) has emerged as a key player in the supply chain for intelligent humanoid robots, despite its current market value of 5.3 billion yuan not reflecting its core value in the robotics sector [1][2] Company Overview - Yongzhen Co., Ltd. has over 20 years of technical accumulation in aluminum alloy materials and extrusion, making it a leading manufacturer of aluminum alloy structural components [1] - The company is the largest global producer of photovoltaic frames and has recently acquired Zhejiang Jienowei Automotive Lightweight Technology Co., Ltd., gaining expertise in "flat extrusion" technology [1] Collaboration with Intelligent Robots - The partnership with Intelligent Robots is expected to convert technological potential into actual production capacity, with regular bulk deliveries of core components such as load-bearing structures and joint connectors [1][2] - Yongzhen Co., Ltd. plans to jointly develop magnesium alloy applications with Intelligent Robots to meet the dual demands for lightweight and high-performance materials [2] Market Valuation and Growth Potential - Despite the promising growth in the robotics sector, Yongzhen Co., Ltd.'s valuation remains low, primarily due to its heavy reliance on the photovoltaic business, which accounted for over 90% of its projected revenue of 8.183 billion yuan in 2024 [3] - The humanoid robot market is projected to grow from 25,000 units to 11.63 million units from 2025 to 2035, with a compound annual growth rate of 84.67%, indicating significant market potential for lightweight robotics [3] Institutional Interest - Several investment institutions, including Jiashi, Fuguo, and Dongfanghong, have begun to recognize the undervalued status of Yongzhen Co., Ltd., focusing on its robotics business during recent inquiries [3] - The company is positioned at a critical juncture in the robotics industry, transitioning from technology validation to large-scale production, which could lead to a revaluation of supply chain companies as demand increases [3]

Core Viewpoint - The strategic partnership between Yongzhen Co., Ltd. and BYD marks a significant shift in Yongzhen's energy storage business, moving from a single project approach to an ecosystem collaborative development, highlighting its rapid expansion in the energy storage sector [1][3]. Group 1: Strategic Cooperation - Yongzhen and BYD will collaborate on energy storage project development, core component supply, and joint research, creating a comprehensive binding of technology, supply chain, and market [1]. - The partnership will focus on joint development of specific electrical equipment and energy storage system products, potentially participating in industry standard formulation and intellectual property sharing, enhancing Yongzhen's technical capabilities in energy storage system design [1][2]. Group 2: Supply Chain Dynamics - The cooperation features a "dual empowerment" characteristic, with BYD providing lithium-ion battery systems and competitive pricing, while Yongzhen supplies liquid-cooled aluminum alloy components, leveraging its expertise in aluminum processing [2]. - Yongzhen's acquisition of Zhejiang Jienowei in 2025 aligns with this supply chain strategy, as its "flat extrusion" technology supports cooling products for energy storage stations, creating a business loop of "liquid cooling technology + energy storage products" [2]. Group 3: Market Growth Potential - The timing of Yongzhen's investment in energy storage aligns with the industry's high growth cycle, as the National Development and Reform Commission and the Energy Administration aim for 180 million kilowatts of new energy storage capacity by 2027 [3]. - The projected annual average new energy storage installation scale could reach 142 GWh, with a sustained high compound growth rate in the industry, driven by the dual carbon goals [3]. Group 4: Financial and Operational Strength - Yongzhen's photovoltaic business provides solid cash flow support for its new energy storage initiatives, with a clear growth trajectory amid market consolidation [4]. - The company has set ambitious shipment targets for its photovoltaic products, which will ensure stable cash flow to fund energy storage investments [4]. - Yongzhen's overseas operations, particularly in Vietnam, are expected to enhance profitability and support its energy storage business expansion [4]. Group 5: Valuation and Market Recognition - Despite significant strides in energy storage, Yongzhen's market value remains underappreciated, with a projected net profit of approximately 400 million yuan in 2026, corresponding to a price-to-earnings ratio of only 14 times, well below the industry average [5]. - The combination of energy storage project implementation, collaboration with leading firms, and cash flow support positions Yongzhen for potential valuation reappraisal [5]. - The company has established a business framework that integrates its photovoltaic core, overseas expansion, energy storage growth, and strategic partnerships, enhancing its position in the renewable energy supply chain [6].