Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a revenue of 1.382 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 14.16%. The net profit attributable to the parent company was 180 million RMB, up 3.39% year-on-year [1][7]. - The company is focusing on the application of AI in various sectors, particularly in humanoid robotics and automation solutions, which is expected to open new growth opportunities [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 505 million RMB, a year-on-year increase of 22.18% and a quarter-on-quarter increase of 3.27%. The net profit for the same period was 53 million RMB, up 11.35% year-on-year but down 34.55% quarter-on-quarter [1][2]. - The gross margin for Q3 2025 was 35.38%, down 3.44 percentage points year-on-year and 3.04 percentage points quarter-on-quarter, primarily due to an increase in sales of lower-margin servo products [2]. Market Position and Strategy - The company holds a leading position in the domestic small PLC market with a market share of approximately 7.6% as of H1 2025, ranking first among domestic brands. The company is expanding its reach into high-end industries such as new energy and semiconductors [3]. - The company has launched new servo products in 2025, which are expected to enhance its market share in the servo product segment, which was approximately 3.9% in H1 2025, up from 3.7% in 2024 [3]. Product Development and Future Outlook - The company is actively developing key components for humanoid robots, including frameless torque motors and encoders, and is collaborating with partners to create AI and automation solutions focused on welding and sorting applications [4]. - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 261 million RMB, 294 million RMB, and 327 million RMB respectively, reflecting changes in product revenue structure and increased sales expenses due to its large customer strategy [5]. Valuation - The target price for the company is set at 63.58 RMB, based on a price-to-earnings ratio of 34 times, which is a decrease from the previous target price of 78.23 RMB [5][7].

Group 1 - Xinjie Electric (603416.SH) reported its Q3 2025 results on October 29, 2025, with a total of 7 institutional investors disclosing their holdings, amounting to 17.2855 million shares, which represents 11.00% of the total share capital [1] - The institutional holding percentage decreased by 4.78 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, the E Fund National Robot Industry ETF, increased its holdings by 1.39% compared to the previous period [2] - Two public funds, namely the Yongying Advanced Manufacturing Mixed Fund A and the招商能源转型混合A, reduced their holdings by 1.71% compared to the previous quarter [2] - One new public fund, the Baoying New Value Mixed A, was disclosed this period, while 111 public funds were not disclosed in this period, including several notable funds in the robotics and advanced manufacturing sectors [2]

Core Viewpoint - The financial performance of Xinjie Electric (603416.SH) in Q3 2025 shows a decline in key metrics, indicating potential challenges in operational efficiency and profitability [1][3]. Financial Performance - The total revenue for the company was 1.382 billion yuan, with a net profit attributable to shareholders of 180 million yuan [1]. - The net cash inflow from operating activities was -6.3628 million yuan, ranking 36th among disclosed peers, a decrease of 51.2331 million yuan compared to the same period last year, representing a year-on-year decline of 114.18% [1]. - The latest asset-liability ratio stood at 27.27%, an increase of 3.28 percentage points from the previous quarter [3]. - The gross profit margin was 37.22%, down 1.06 percentage points from the previous quarter and down 1.38 percentage points year-on-year [3]. - The return on equity (ROE) was 6.84%, a decrease of 0.93 percentage points compared to the same period last year [3]. - The diluted earnings per share were 1.20 yuan, a decrease of 0.05 yuan or 4.00% year-on-year [3]. Operational Efficiency - The total asset turnover ratio was 0.40 times, while the inventory turnover ratio was 1.37 times, ranking 30th among disclosed peers [3]. - The number of shareholders was 12,600, with the top ten shareholders holding 105 million shares, accounting for 66.76% of the total share capital [3]. Shareholder Composition - The top ten shareholders and their respective holdings are as follows: 1. Li Xin - 31.2 million shares 2. Liu Tingli - 10.7 million shares 3. Zou Junyu - 9.50 million shares 4. China Construction Bank Co., Ltd. - Yongying Advanced Manufacturing Mixed Fund - 3.23 million shares 5. Hao Feng - 2.86 million shares 6. Zhejiang Ancheng Shuying Investment Management Co., Ltd. - Ancheng Shuying Changsheng Private Fund - 2.41 million shares 7. Shanghai Sixue Investment Management Co., Ltd. - Sixue Investment Siyuan No. 1 Private Fund - 1.79 million shares 8. Shanghai Kuan Investment Asset Management Co., Ltd. - Kuan Investment Tianwangxing No. 11 Private Fund - 1.75 million shares 9. China Construction Bank Co., Ltd. - Yiwanda National Robot Industry ETF - 1.66 million shares 10. Guo Zhiqiang - 1.62 million shares [3].

Core Viewpoint - The company reported a revenue of 1.38 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 14.2%, with a net profit of 180 million yuan, up 3.4% year-on-year, indicating steady growth despite slight declines in gross margin [1] Financial Performance - For Q3 2025, the company achieved a revenue of 500 million yuan, representing a year-on-year growth of 22.2%, and a net profit of 50 million yuan, up 11.3% year-on-year, with a gross margin of 35.4%, down 3.4 percentage points [1] - The gross margin for the first three quarters was 37.2%, down 1.4 percentage points year-on-year [1] Operational Analysis - The industrial control sector is experiencing a recovery, with the company maintaining a leading position in small PLCs and servos. Q3 sales for small PLCs grew by 10.2% year-on-year, holding a market share of 7%, while servo sales increased by 25.6% year-on-year, with a market share of 4% [2] - The company is expanding into high-end manufacturing sectors such as new energy and semiconductors, which is expected to create new growth opportunities [2] Robotics Development - The company is accelerating its investment in humanoid robotics, achieving small-scale sales of key components like torque motors and encoders, and has sold over 10,000 encoders to leading domestic robot manufacturers [3] - Collaborations with Huawei Cloud on intelligent welding and sorting robots are expected to enhance the commercialization of the robotics business [3] Cost Management - The company has effectively managed its expenses, with sales, management, and R&D expense ratios at 10.5%, 4.7%, and 9.6% respectively, showing slight year-on-year changes [4] - Increased sales expenses are attributed to the expansion of personnel for major client strategies and direct sales transformation, while R&D investments focus on large PLCs, high-end servos, and core components for humanoid robots [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 270 million, 330 million, and 390 million yuan for 2025-2027, reflecting year-on-year growth rates of 17%, 21%, and 20% respectively [5] - The current price corresponds to a PE ratio of 31, 26, and 22 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5]

Core Viewpoint - The company has announced adjustments to its 2024 restricted stock incentive plan, specifically lowering the reserved grant price from 19.29 yuan per share to 18.70 yuan per share due to the implementation of a cash dividend distribution [10][21][16]. Financial Data - The company reported a cash dividend of 0.87 yuan per share for the 2024 annual profit distribution, totaling approximately 136.47 million yuan, which represents a cash dividend ratio of 59.71% [6][7]. - For the 2025 semi-annual profit distribution, the company declared a cash dividend of 0.59 yuan per share, amounting to about 92.55 million yuan, which is 72.82% of the net profit attributable to shareholders [7]. Shareholder Information - The total number of shares for the dividend distribution is 157,138,633, with 272,443 shares repurchased and not entitled to dividends, resulting in a base of 156,866,190 shares for the cash dividend calculation [6][7]. Board Meeting Decisions - The fifth board of directors held its twelfth meeting on October 27, 2025, where it unanimously approved the adjustment of the reserved grant price for the 2024 restricted stock incentive plan [20][21]. - The board also approved the third-quarter report for 2025, which had previously been reviewed by the audit committee [20][21]. Legal Compliance - The adjustments made to the incentive plan comply with relevant regulations and do not harm the interests of the company or its shareholders [15][17].

Core Viewpoint - Xinjie Electric (603416.SH) reported a revenue of 1.382 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 14.16% [1] - The net profit attributable to shareholders reached 180 million yuan, marking a year-on-year increase of 3.39% [1] - The basic earnings per share stood at 1.2 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 1.382 billion yuan, up 14.16% year-on-year [1] - Net profit attributable to parent company shareholders: 180 million yuan, up 3.39% year-on-year [1] - Basic earnings per share: 1.2 yuan [1]

证券代码：603416 证券简称：信捷电气 公告编号：2025-049 无锡信捷电气股份有限公司 第五届董事会第十二次会议决议公告 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 无锡信捷电气股份有限公司（以下简称"公司"）第五届董事会第十二次会议于 2025 年 10 月 27 日在公司会议室召开，会议通知于 2025 年 10 月 10 日以邮件及电话等方式 发出。本次会议由李新先生召集并主持，公司董事共计 7 人，出席本次董事会的董事 共 7 人。本次会议的召集、召开和表决程序符合《公司法》等法律法规和《公司章程》 的规定，会议合法有效。 二、董事会会议审议情况 经过参会董事充分讨论与审议，表决结果为一致通过。具体表决情况如下： 1、审议通过了《关于公司 2025 年第三季度报告的议案》 本议案已经公司第五届董事会审计委员会 2025 年第三次会议审议通过，并同意提 交公司董事会审议。 表决结果：7 票赞成，0 票反对，0 票弃权。 2、审议通过了《关于调整 2024 年限制性股票激励计划预留授予 ...

证券代码：603416 证券简称：信捷电气 公告编号：2025-050 无锡信捷电气股份有限公司 关于调整 2024 年限制性股票激励计划预留授予价格的公告 1 授予激励对象的姓名和职务在公司内部进行了公示，在公示期内，公司监事会未 接到任何异议的反馈。2024 年 12 月 19 日公司披露了《监事会关于公司 2024 年 限制性股票激励计划首次授予激励对象名单的核查意见及公示情况说明》。 （三）2024 年 12 月 23 日，公司召开 2024 年第四次临时股东会，审议通过 《关于<无锡信捷电气股份有限公司 2024 年限制性股票激励计划（草案）>及其 摘要的议案》《关于<无锡信捷电气股份有限公司 2024 年限制性股票激励计划实 施考核管理办法>的议案》以及《关于提请股东会授权董事会办理公司 2024 年限 制性股票激励计划相关事宜的议案》，公司于 2024 年 12 月 24 日披露了《关于 公司 2024 年限制性股票激励计划内幕信息知情人买卖公司股票情况的自查报 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、准确性和完整性承担法律责 ...

PARTNERS 管 it = = pr 江苏世纪同仁律师事务所 关于无锡信捷电气股份有限公司 2024 年 限 制 性 股 票 激 励 计 划 调整预留授予价格相关事项的 法律意见书 苏 同 律 证 字(2025) 第 【249】 号 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 F4, Building C, Jiangdao Intelligent Cube, Xiankun Road, Jianye District, Nanjing 电话/Tel: +86 25-83304480 传真/Fax: +86 25-83329335 邮 编 /P.C.: 210019 l 江苏世纪同仁律师事务所 关于无锡信捷电气股份有限公司 2024 年限制性股票激励计划 调整预留授予价格相关事项的 法 律 意 见 书 苏同律证字(2025)第【249】号 致:无锡信捷电气股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》(以下简称"《证券法》")、《上海证券交易所股票上市规则》 (以下简称"上市规则")、《上市公司股权激励管理办法》(以下简称"《管 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥504,809,496.80, representing a year-on-year increase of 22.18%[4] - The total profit for the period was ¥57,224,100.32, reflecting a growth of 5.67% compared to the same period last year[4] - The net profit attributable to shareholders was ¥53,067,287.10, which is an increase of 11.35% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥49,716,141.16, up by 10.92% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥1,381,955,882.58, an increase of 14.14% compared to ¥1,210,491,369.68 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥180,201,335.44, representing a growth of 3.67% from ¥174,228,591.84 in 2024[20] - Operating profit for the first three quarters of 2025 was ¥199,384,761.75, compared to ¥193,521,843.76 in 2024, reflecting a growth of 3.5%[32] - Net profit for the first three quarters of 2025 was ¥180,800,071.48, up from ¥175,317,388.08 in 2024, indicating a 3.4% increase[32] Earnings and Dividends - The basic earnings per share for the quarter was ¥0.33, a decrease of 5.71% compared to the same period last year[5] - The company plans to distribute a cash dividend of RMB 0.87 per share, totaling RMB 136,473,585.30, resulting in a cash dividend ratio of 59.71% for the year[12] - For the first half of 2025, the company will distribute a cash dividend of RMB 0.59 per share, amounting to RMB 92,551,052.10, which represents 72.82% of the net profit attributable to shareholders[13] - Earnings per share for the first three quarters of 2025 was ¥1.20, slightly down from ¥1.25 in the same period of 2024[21] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,626,051,461.50, an increase of 12.76% from the end of the previous year[5] - The company's current assets totaled RMB 2,837,935,465.81, compared to RMB 2,413,879,558.87 at the end of 2024, indicating a growth of approximately 17.5%[15] - The company's total liabilities as of September 30, 2025, were RMB 961,964,023.75, compared to RMB 887,484,879.76 at the end of 2024[16] - Total liabilities increased to ¥988,942,998.82 in 2025 from ¥916,739,235.20 in 2024, reflecting a growth of 7.38%[17] - The company's total liabilities rose to 987,112,549.30 RMB from 915,298,665.18 RMB, indicating an increase in financial obligations[29] Cash Flow - The company reported a cash flow from operating activities of -¥6,362,825.83 for the year-to-date[4] - The net cash flow from operating activities was -6,362,825.83 RMB, a decrease from 44,870,319.82 RMB in the previous period[25] - Cash flow from operating activities showed a net outflow of ¥10,468,596.68 in 2025, contrasting with a net inflow of ¥45,692,210.43 in 2024[34] - Cash flow from investing activities resulted in a net outflow of ¥283,993,919.13 in 2025, compared to a smaller outflow of ¥8,493,686.19 in 2024[34] - Cash flow from financing activities generated a net inflow of ¥217,837,681.74 in 2025, reversing the outflow of ¥55,212,965.36 in 2024[36] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were ¥132,867,520.72, compared to ¥119,545,647.99 in 2024, indicating a rise of 11.09%[20] - Research and development expenses increased to ¥132,611,748.67 in 2025, up from ¥119,255,174.47 in 2024, marking an increase of 11.2%[31] - Sales expenses rose to ¥144,469,931.06 in 2025, compared to ¥124,197,030.80 in 2024, reflecting a 16.3% increase[31] Other Financial Metrics - The company has seen a decrease in the weighted average return on net assets by 0.49 percentage points to 1.69% for the quarter[5] - The company reported a significant increase in trading financial assets to 1,139,052,622.86 RMB from 878,267,131.17 RMB[27] - The company reported a significant increase in investment income, which was ¥8,240,975.06 in 2025, down from ¥21,812,670.03 in 2024, indicating a decrease of 62.3%[32]