Core Viewpoint - Yongzhen Co., Ltd. reported a significant increase in total revenue for the first half of 2025, but a substantial decline in net profit, indicating potential operational challenges despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 5.697 billion yuan, a year-on-year increase of 61.24% [1] - Net profit attributable to shareholders was 51.6343 million yuan, a year-on-year decrease of 70.76% [1] - In Q2 2025, total revenue was 3.112 billion yuan, up 51.48% year-on-year, while net profit dropped 77.34% to 24.7759 million yuan [1] - Gross margin decreased to 4.25%, down 40.82% year-on-year, and net margin fell to 0.91%, down 81.87% [1] Accounts Receivable and Debt - Accounts receivable increased significantly, with a year-on-year growth of 52.66%, reaching 2.822 billion yuan [1] - Interest-bearing liabilities rose to 7.802 billion yuan, an increase of 44.25% year-on-year [1] - The company's cash assets are considered healthy, but the cash flow situation requires attention, with cash assets to current liabilities ratio at 20.39% [5] Operational Efficiency - The company's return on invested capital (ROIC) was 4.5%, indicating weak capital returns, with a historical median ROIC of 9.85% since its listing [3] - The net profit margin for the previous year was 3.28%, suggesting low added value in products or services [3] Cash Flow and Financial Health - The average operating cash flow over the past three years has been negative, raising concerns about financial sustainability [5] - The ratio of accounts receivable to profit reached 1052.38%, indicating potential issues with cash collection [6] Analyst Expectations - Analysts project a performance of 129 million yuan for 2025, with an average earnings per share of 0.54 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][12]. Core Insights - The company reported a revenue of 5.7 billion RMB in the first half of 2025, a year-on-year increase of 61%, but a net profit attributable to shareholders of 52 million RMB, down 71% year-on-year [3]. - The company is expanding its production capacity and actively pursuing business extensions, including a significant investment in energy storage projects [4]. - The acquisition of Zhejiang Jienowei is expected to enhance the company's competitive edge in high-growth markets such as new energy vehicles and data centers [4]. Performance Review - In Q2, the company achieved a revenue of 3.11 billion RMB, a 51% increase year-on-year and a 20% increase quarter-on-quarter, while the net profit was 25 million RMB, down 77% year-on-year and 8% quarter-on-quarter [3]. - The company's aluminum frame business saw significant revenue growth, reaching 4.915 billion RMB in the first half, driven by increased production and sales [3]. Operational Analysis - The decline in processing fees for aluminum frames has pressured profitability, with the gross margin for this segment dropping to 4.74% [3]. - The company’s differentiated production capacity in Vietnam has yielded higher processing fees and profit margins, with a Q2 sales gross margin of 4.51%, up 0.57 percentage points quarter-on-quarter [3]. Future Outlook - The company has adjusted its net profit forecasts for 2025 to 2027 to 130 million, 370 million, and 580 million RMB, respectively, anticipating that the release of scarce capacity in Vietnam will drive profitability and market share growth [5]. - The ongoing "anti-involution" efforts in the photovoltaic industry are expected to restore market conditions, alleviating operational pressures in the aluminum frame segment [4].

Group 1 - The board of directors of Yongzhen Technology Co., Ltd. held its seventh meeting of the second session, with all nine directors present, ensuring compliance with relevant laws and regulations [1][2] - The board approved the 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor [1][2] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, with a unanimous vote of 9 in favor [2] Group 2 - The board approved the cancellation of the supervisory board and the revision of the company's articles of association, which will now allow the audit committee to exercise the powers of the supervisory board [2][3] - The board proposed to revise and establish several governance systems to enhance internal governance mechanisms, which will also require shareholder approval [3][4] - The board agreed to reappoint Tianzhi International Accounting Firm as the auditing institution for 2025, pending shareholder approval [4] Group 3 - The board proposed to convene the second extraordinary general meeting of shareholders in 2025, with a unanimous vote of 9 in favor [4]

邵惠先生的辞职不会影响公司相关工作的正常开展，公司董事会将根据《上 海证券交易所股票上市规则》等相关规定聘任符合资格的人员担任证券事务代表， 协助公司董事会秘书工作。 邵惠先生在担任公司证券事务代表期间恪尽职守、勤勉尽责，为促进公司规 范运作和健康发展发挥了积极作用，公司及公司董事会对邵惠先生在任职期间为 公司发展所做的辛勤工作和贡献表示衷心感谢！ 特此公告。 永臻科技股份有限公司董事会 证券代码：603381 证券简称：永臻股份 公告编号：2025-041 永臻科技股份有限公司 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。 永臻科技股份有限公司（以下简称"公司"）董事会于近日收到证券事务代 表邵惠先生的辞职报告。因个人原因，邵惠先生不再担任公司证券事务代表职务， 辞职后也不再担任公司任何职务。根据《上海证券交易所股票上市规则》《公司 章程》等相关规定，邵惠先生的辞职报告自送达董事会之日起生效。截止本公告 披露日，邵惠先生未持有公司股票，亦不存在应当履行而未履行的承诺事项。 ...

证券代码：603381 证券简称：永臻股份 公告编号：2025-044 募集资金到账后，为规范募集资金管理和使用，保护投资者权益，公司及全 资子公司永臻科技（芜湖）有限公司分别与保荐机构国金证券股份有限公司及专 户银行签署了《募集资金专户存储三方（四方）监管协议》，开设了募集资金专 项账户，对募集资金实行专户存储。 （二）募集资金使用和余额情况 截至 2025 年 6 月 30 日，公司累计使用募集资金人民币 1,303,131,719.49 元， 均投入募集资金项目，2025 年上半年度使用募集资金人民币 0.00 元。 截至 2025 年 6 月 30 日，公司累计使用募集资金人民币 1,303,131,719.49 元， 公司募集资金已使用完毕。募集资金专户余额为人民币 272,319.26 元，与实际募 集资金净额人民币 1,303,131,719.49 元的差异金额为人民币 272,319.26 元，系募 集资金累计利息收入扣除银行手续费支出后的净额。 永臻科技股份有限公司 专项报告 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 ...

证券代码：603381 证券简称：永臻股份 公告编号：2025-048 永臻科技股份有限公司 永臻科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公 司《2025 年半年度报告》。为便于广大投资者更加全面深入地了解公司 2025 年 半年度的经营成果、财务状况，公司计划于 2025 年 9 月 05 日（星期五）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 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法律责任。 重要内容提示： ? 会议召开时间：2025 年 09 月 05 日（星期五）15:00-16:00 ? 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 ? 投资者可于 2025 年 08 月 29 日（星期五）至 09 月 04 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预 ...

Core Viewpoint - The company intends to reappoint Tianzhi International Accounting Firm as its auditing institution for the fiscal year 2025, pending approval from the shareholders' meeting [1][6]. Group 1: Basic Information of the Auditing Firm - Tianzhi International was established in December 1988 and is headquartered in Beijing, specializing in audit assurance, capital market services, management consulting, and other consulting services [1]. - As of December 31, 2024, Tianzhi International has 90 partners and 1,097 registered accountants, with 399 accountants having signed audit reports for securities services [2]. Group 2: Financial Performance of the Auditing Firm - In 2024, Tianzhi International reported total audited revenue of 2.501 billion yuan, with audit service revenue of 1.938 billion yuan and securities service revenue of 912 million yuan [2]. - The firm served 154 listed company audit clients in 2024, with total audit fees amounting to 230 million yuan [2]. Group 3: Compliance and Risk Management - Tianzhi International has accumulated sufficient professional risk funds and insurance, with a total compensation limit of no less than 200 million yuan [3]. - Over the past three years, Tianzhi International has not faced any civil liability due to its professional conduct, with only one administrative penalty and several supervisory measures [3][5]. Group 4: Project Team Information - The project partner and signing registered accountant, Chen Bailin, has been a registered accountant since 2005 and has signed audit reports for 10 listed companies in the past three years [4]. - The quality control reviewer, Wang Shoujun, has been a registered accountant since 2004 and has signed 11 audit reports in the last three years [4][5]. Group 5: Board and Supervisory Committee Opinions - The Audit Committee of the company unanimously agreed to continue hiring Tianzhi International for the 2025 financial report and internal control audit, citing the firm's experience and ability to meet the company's needs [6]. - The Supervisory Committee also supported the reappointment, highlighting Tianzhi International's adherence to independent and objective auditing standards [7]. Group 6: Approval Process - The reappointment of the auditing firm will be submitted for approval at the company's second extraordinary shareholders' meeting in 2025 and will take effect upon approval [7].

永臻科技股份有限公司2025 年半年度报告摘要 公司代码：603381 公司简称：永臻股份 永臻科技股份有限公司 永臻科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到上海证券交易所（http://www.sse.com.cn）网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 第二节 公司基本情况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股 票简称 A股 上海证券交易所 永臻股份 603381 不适用 联系人和联系方式 董事会秘书 证券事务代表 姓名 毕丽娜 电话 0519-82998258 办公地址 江苏省常州市金坛区月湖北路99号 电子信箱 yzgf@yonz.com 单位：元 币种：人民币 本报告期末比上 本报告期末 上年度末 年度末增减(%) 总资产 12,329,597,793.92 10,757,027,275.11 14.62 归属于上市公司股东的净资产 3,638,933,276.61 3,751,485,799.78 -3.00 本报告期比上年 本报告期 上年同期 同期增减( ...

证券代码：603381 证券简称：永臻股份 公告编号：2025-043 永臻科技股份有限公司 本公司监事会及全体监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、监事会会议召开情况 永臻科技股份有限公司（以下简称"公司"）第二届监事会第六次会议于 监事会主席周军先生召集，会议通知和材料已于 2025 年 8 月 23 日以电子邮件等 方式通知公司全体监事。本次会议由监事会主席周军先生主持，应出席监事 3 人，实际出席监事 3 人，公司董事会秘书列席会议。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》（以下简称"公司章程"）的有关规定，会议决议合法、有效。 监事会认为：公司《2025 年半年度募集资金存放与实际使用情况的专项报 告》内容真实、准确、完整，客观地反映了 2025 年上半年公司募集资金存放与 实际使用情况。2025 年上半年，公司募集资金的存放与使用情况符合中国证监 会、上海证券交易所关于上市公司募集资金存放与使用的相关规定，不存在违规 使用募集资金的情形。 表决结果：3 票赞 ...

证券代码：603381 证券简称：永臻股份 公告编号：2025-047 永臻科技股份有限公司 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、 召开会议的基本情况 (一) 股东会类型和届次 网络投票起止时间：自2025 年 9 月 25 日 至2025 年 9 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、 会议审议事项 本次股东会审议议案及投票股东类型 投票股东 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 网络投票系统：上海证券交易所股东大会网络投票系统 序号 议案名称 类型 A 股股东 非累积投票议案 制度>的议案》 本次股东会所审议事项已经公司第二届董事会第七次会议和第二届监事会第 六次会议审议通过，具体内容详见公司于 2025 ...