Market Performance - The electric motor sector increased by 0.71% compared to the previous trading day, with Ananda leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Ananda (603350) closed at 40.84, with a rise of 6.44% and a trading volume of 49,400 shares, totaling a transaction value of 26.66 million yuan [1] - Jiangte Electric (002176) closed at 12.18, up 5.73%, with a trading volume of 2.0381 million shares, amounting to 2.463 billion yuan [1] - Zhongdian Electric (603988) closed at 26.14, increasing by 2.63%, with a trading volume of 78,500 shares and a transaction value of 205 million yuan [1] - Other notable stocks include Jiadian Co. (000922) with a 1.39% increase, Bafang Co. (603489) up 1.17%, and Wolong Electric (600580) rising by 0.95% [1] Fund Flow - The electric motor sector experienced a net outflow of 15.1534 million yuan from institutional funds and a net outflow of 60.5682 million yuan from speculative funds, while retail investors saw a net inflow of 75.7217 million yuan [3]

11月13日，八方股份盘中上涨2.01%，截至10:02，报30.39元/股，成交4973.08万元，换手率0.71%，总 市值71.30亿元。 八方股份所属申万行业为：电力设备-电机Ⅱ-电机Ⅲ。所属概念板块包括：小盘、锂电池、融资融券、 基金重仓、专精特新等。 截至9月30日，八方股份股东户数1.77万，较上期减少8.12%；人均流通股13242股，较上期增加8.66%。 2025年1月-9月，八方股份实现营业收入10.34亿元，同比增长2.14%；归母净利润6689.96万元，同比增 长30.52%。 分红方面，八方股份A股上市后累计派现10.32亿元。近三年，累计派现4.31亿元。 机构持仓方面，截止2025年9月30日，八方股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股233.03万股，相比上期减少227.65万股。华商远见价值混合A（011371）位居第六大流通 股东，持股149.28万股，相比上期增加53.54万股。华商乐享互联灵活配置混合A（001959）位居第七大 流通股东，持股145.17万股，相比上期增加25.13万股。华商甄选回报混合A（010761）位居第八大流通 ...

Market Overview - The electric motor sector experienced a decline of 1.04% on the trading day, with Bafang Electric leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the electric motor sector included: - Fangzheng Electric, closing at 15.98 with a rise of 9.98% and a trading volume of 1.75 million shares, totaling 2.71 billion yuan [1] - Jiadian Co., closing at 15.33 with a rise of 5.14% and a trading volume of 594,300 shares, totaling 890 million yuan [1] - Conversely, Bafang Electric saw a significant decline, closing at 30.27 with a drop of 4.96% and a trading volume of 76,400 shares, totaling 234 million yuan [2] Capital Flow - The electric motor sector experienced a net outflow of 565 million yuan from institutional investors and 181 million yuan from speculative funds, while retail investors saw a net inflow of 746 million yuan [2] - Specific stock capital flows indicated: - Fangzheng Electric had a net inflow of 198 million yuan from institutional investors, while speculative funds saw a net outflow of 157 million yuan [3] - Jiadian Co. had a net inflow of 12.83 million yuan from institutional investors, with speculative funds contributing a net inflow of 33.68 million yuan [3]

Summary of Key Points from the Conference Call Company Overview - **Company**: 八方股份 (Bafang) - **Core Business**: The core business of Bafang is the mid-drive and hub motors for electric bicycles (eBikes) [4][2]. Industry Insights - **Market Demand**: Bafang benefits from the demand in the European market, despite experiencing a destocking cycle from 2023 to 2024. A new replenishment cycle is expected to begin in the second half of 2025 [2][6]. - **Global eBike Penetration**: The global eBike penetration rate is relatively low, with Europe at approximately 30%, while the US and Japan are below 10%. The overall global penetration rate is around 18% [7][2]. - **Market Concentration**: The eBike market is highly concentrated, with Bafang, Bosch, and Shimano holding over 50% of the European market share [8][2]. Company Performance - **Market Share**: Bafang's market share in Europe is approximately 25%, influenced by industry inventory fluctuations [9][2]. - **Financial Performance**: In Q3 2025, Bafang achieved a revenue of 391 million yuan, representing an 18% year-on-year growth. The net profit attributable to the parent company reached 35 million yuan, a 235% increase quarter-on-quarter, exceeding expectations and leading to a stock price increase of over 20% [3][2]. Future Outlook - **Growth Potential**: Bafang is expected to further increase its market share due to its brand strength, design customization, and maintenance capabilities. The rising proportion of mid-drive motors is anticipated to improve the overall gross margin of the company [10][2]. - **Profit Projections**: The company is projected to achieve a net profit of around 100 million yuan in 2025, with optimistic estimates reaching 200 million yuan in 2026, corresponding to a current valuation of approximately 35 times [10][2]. Quantum Computing Insights - **Industry Support**: Major economies are increasing policy support for the quantum computing industry. The US has raised its funding for quantum initiatives to $2.7 billion for the fiscal years 2025-2029, while China has prioritized quantum technology as a strategic frontier [15][2]. - **Market Size**: The upstream core device market for quantum computing is expected to reach $250 billion by 2035 [5][2]. - **Technological Development**: Various quantum technology routes are being explored, with superconducting technology slightly ahead in commercialization progress [13][2]. Additional Considerations - **Domestic Competition**: In the context of export controls from the US, China is accelerating domestic replacements for key quantum computing equipment, creating a competitive landscape [16][2]. - **Application Directions**: Downstream applications are transitioning from laboratory settings to industry practices, focusing on quantum simulation, optimization problems, and linear algebra applications [21][2].

Summary of Baifang Co. Conference Call Company Overview - **Company**: Baifang Co. - **Industry**: E-Bike (Electric Bicycle) Industry Key Points Financial Performance - **Revenue Growth**: In Q3 2025, Baifang's revenue increased by 2.4% year-on-year, driven by a significant rise in shipment volumes. The company achieved an 18% growth in Q3 alone, despite a decline in purchasing power in the European market [3][25] - **Profit Increase**: The company's profit surged by 56 times compared to the previous year, attributed to a low base last year, increased capacity utilization due to revenue growth, and effective cost control measures [2][3] Market Dynamics - **European Market Inventory**: Since September 2025, inventory levels in the European market have stabilized, with an estimated 900,000 units expected to be de-stocked in 2024. Demand is anticipated to improve by 2026, with growth rates projected between 5% and 10% [2][5][6] - **Consumer Trends**: There is a trend of consumer downgrade in Europe, leading to increased demand for lower-priced models (2,000-3,000 Euros and 800-1,200 Euros), which presents opportunities for Baifang [2][10] Industry Insights - **Replacement Cycle**: The e-bike industry has a replacement cycle averaging five years. A concentrated replacement wave is expected between 2025 and 2026, although new demand and replacement demand will alternate [7][8] - **Market Share**: Baifang has maintained a market share of approximately 20%, with expectations for gradual growth starting in 2025, particularly in emerging markets in Northern and Eastern Europe [3][11] Cost Management - **Cost Control**: The company has successfully reduced costs by over 20 million Yuan through the divestment of its electric motorcycle division and personnel optimization [4] Future Outlook - **Gross Margin Trends**: Short-term gross margins may slightly decline or remain stable, influenced by the performance of the Tianjin and rapid transit businesses. However, improved capacity utilization is expected to positively impact net profits [15][16] - **Production Capacity**: Current capacity utilization is relatively low, with the Tianjin facility at 70%-80% and the Suzhou facility at around 60%. The company has suspended three production lines due to insufficient orders [16] Competitive Landscape - **Competitors**: Major competitors in the mid-drive motor segment include Bosch and Shimano, while domestic competitors like Anida and Max Power dominate the custom products segment [19] Product Development - **New Ventures**: Baifang is exploring new business directions, including the development of drone motor projects, leveraging existing technology and production lines [17] Export Strategy - **Export Model**: Approximately one-third of Baifang's products are directly exported to European customers, while the remainder is exported indirectly through ODM manufacturers in various regions [18] Market Expansion - **Growth Sources**: Future revenue growth is expected from increased market share and overall industry penetration, with current e-bike penetration in Europe at about 30% [21] Regional Market Insights - **US and China Markets**: The US market remains stable with an annual volume of about 1 million units. In China, e-bike growth is challenged by traditional electric bikes, despite a recent surge in demand due to new government subsidies [13][14] Seasonal Trends - **Sales Stability**: The company has observed less pronounced seasonal fluctuations in sales, with quarterly revenues stabilizing between 300 million to 400 million Yuan [26]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][8][17] Financial Data - The third-quarter financial statements are unaudited [3][7] - The report period refers to the three-month period from the beginning to the end of the quarter [3] Board Meeting - The 11th meeting of the third board was held on October 29, 2025, with all six directors present, and the meeting procedures complied with relevant laws and regulations [10][11] - The board unanimously approved the "2025 Third Quarter Report" and a proposal to amend certain governance systems [11][14] Investor Communication - An investor performance briefing will be held on November 26, 2025, from 11:00 to 12:00, via the Shanghai Stock Exchange Roadshow Center [18][19] - Investors can submit questions from November 19 to November 25, 2025, for discussion during the briefing [20][21]

Core Viewpoint - The company reported a revenue of 1-3Q25 at 1.034 billion yuan, showing a year-on-year increase of 2.13%, with a single-quarter revenue of 391 million yuan in 3Q, reflecting a year-on-year growth of 18.26% and a quarter-on-quarter increase of 14.11% [1] - The European electric bicycle industry is entering a new growth cycle, and the 3Q25 performance exceeded expectations [1] Financial Performance - The net profit attributable to the parent company for 1-3Q25 was 67 million yuan, corresponding to an earnings per share of 0.28 yuan, representing a year-on-year increase of 30.51%, with a net profit of 35 million yuan in 3Q [1] - The gross margin for 1-3Q25 was 21.8%, down 3.9 percentage points year-on-year, while the gross margin for 3Q was 21.6%, up 1.5 percentage points quarter-on-quarter [1] - The net profit margin for 3Q was 8.9%, reflecting a quarter-on-quarter increase of 5.9 percentage points [1] Expense Ratios - The sales expense ratio for 1-3Q25 was 3.2%, down 3.3 percentage points year-on-year [1] - The management expense ratio was 7.4%, down 1.7 percentage points year-on-year [1] - The R&D expense ratio was 4.0%, down 2.6 percentage points year-on-year, and the financial expense ratio was -0.4%, down 2.6 percentage points year-on-year [1] Market Trends - The demand for electric bicycles is gradually recovering, with the company's revenue and profit showing an upward turning point [2] - According to bikeeurope, the total sales of bicycles and electric bicycles in Germany reached 885,000 units in the first quarter of this year, an increase of nearly 11% year-on-year, indicating a stabilization in downstream demand [2] Profit Forecast and Valuation - The company maintains its 2025 profit forecast while raising the 2026 profit forecast by 32.3% to 200 million yuan [3] - The current stock price corresponds to a 32.6 times price-to-earnings ratio for 2026, with a target price of 35.0 yuan, reflecting a 25.2% upside potential compared to the current stock price [3]

Core Viewpoint - The company Baifang Co., Ltd. (stock code: 603489) reported that as of September 30, 2025, the number of shareholders is 17,717 [1] Summary by Category - **Company Information** - Baifang Co., Ltd. has a total of 17,717 shareholders as of the specified date [1]

八方电气（苏州）股份有限公司 章 程 二○二五年十月 | 第一章 | 总 则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股 份 | 4 | | 第四章 | 股东和股东会 | 7 | | 第五章 | 董事和董事会 | 27 | | 第六章 | 高级管理人员 | 41 | | 第七章 | 财务会计制度、利润分配和审计 44 | | | 第八章 | 通知和公告 | 49 | | 第九章 | | | | | 合并、分立、增资、减资、解散和清算 51 | | | 第十章 | 修改章程 | 55 | | 第十一章 | 附则 | 56 | 八方电气（苏州）股份有限公司章程 八方电气（苏州）股份有限公司章程 第一章 总 则 第一条 为维护八方电气（苏州）股份有限公司（以下简称"公司"）、股 东、职工和债权人的合法权益，规范公司的组织和行为，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》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公司 由苏州八方电 ...

证券代码：603489 证券简称：八方股份 公告编号：2025-032 八方电气（苏州）股份有限公司 关于办理完成工商变更登记及章程备案的公告 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个别及连带责任。 根据经营发展的实际情况，八方电气（苏州）股份有限公司（以 下简称"公司"）对注册资本及经营范围进行了变更，并对《公司章 程》的部分条款进行了修订。公司近期办理了相关工商变更登记及备 案手续，并取得苏州市数据局换发的营业执照。现将有关情况公告如 下： 一、注册资本变更 1.审议及信息披露 新增经营范围的事项详见公司于 2025 年 8 月 30 日披露的《关于 - 1 - 1.审议及信息披露 注册资本变更的事项详见公司于 2025 年 4 月 30 日披露的《关于 拟变更回购股份用途为注销并减少注册资本的公告》（2025-009）。 本事项经公司 2024 年年度股东大会审议通过。 2.变更情况 变更前：23501.3003 万元 变更后：23461.7979 万元 二、新增经营范围 取消监事会、新增经营范围暨修订<公司章程>及部分治 ...