Core Insights - The company reported a total revenue of 761 million yuan for the first half of 2025, representing an increase of 11.02% year-on-year, while the net profit attributable to shareholders decreased by 37.84% to 32.4 million yuan [1] - In Q2 2025, the total revenue was 411 million yuan, up 16.07% year-on-year, but the net profit attributable to shareholders fell by 49.61% to 13.6 million yuan [1] - The company's accounts receivable are significantly high, with accounts receivable amounting to 932.44% of the latest annual net profit [1] Financial Performance - The gross margin for the reporting period was 18.65%, down 21.83% year-on-year, and the net profit margin was 4.26%, down 44.01% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 63.6 million yuan, accounting for 8.37% of revenue, which is a decrease of 13.8% year-on-year [1] - Earnings per share decreased by 33.33% to 0.08 yuan, while operating cash flow per share dropped by 50.58% to 0.05 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 3.44% last year, indicating historically weak capital returns, with a median ROIC of 6.01% since its listing [2] - The net profit margin last year was 5.01%, suggesting that the added value of the company's products or services is average [2] - The company's performance heavily relies on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [2] Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 16.19%, and the average operating cash flow over the past three years to current liabilities at 6.91% [3] - The interest-bearing debt ratio has reached 32.59%, and the total interest-bearing debt to the average operating cash flow over the past three years is at 13.18% [3] - The accounts receivable to profit ratio is alarmingly high at 932.44% [3]

Meeting Overview - The sixth session of the Supervisory Board of Shanghai Laimu Electronics Co., Ltd. was held on August 28, 2025, through a combination of on-site and remote voting methods [1] - The meeting was convened by the chairman of the Supervisory Board, with all supervisors present, and was attended by the board secretary and internal audit manager [1] Resolutions Passed - The Supervisory Board approved the "2025 Half-Year Report Full Text and Summary" with a voting result of 4 votes in favor, 0 against, and 0 abstentions [2] - The Supervisory Board confirmed that the preparation and review procedures of the 2025 Half-Year Report complied with relevant laws, regulations, and internal management systems, ensuring the report's content and format met the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange [2] - The report was deemed to reflect the company's operational management and financial status accurately and comprehensively, with no violations of confidentiality found during the preparation process [2] Fund Management - The Supervisory Board also approved the "Special Report on the Storage and Use of Raised Funds for the First Half of 2025," with the same voting result of 4 votes in favor, 0 against, and 0 abstentions [2] - The management and use of raised funds were confirmed to comply with the "Regulations on the Supervision of Fundraising by Listed Companies" and relevant self-regulatory guidelines, with no violations identified [2]

Meeting Details - The 13th meeting of the 6th Board of Directors of Shanghai Laimu Electronics Co., Ltd. was held on August 28, 2025, combining on-site and remote voting methods [1] - The meeting was convened by the chairman, Ms. Zhu Xinai, with all nine directors present, complying with the Company Law and Articles of Association [1] Resolutions Passed - The Board unanimously approved the full and summary reports of the 2025 semi-annual report, confirming the absence of any false records, misleading statements, or significant omissions [1] - The resolution regarding the special report on the storage and use of raised funds for the first half of 2025 was also unanimously approved, with a voting result of 9 in favor, 0 against, and 0 abstentions [2]

Group 1 - The core point of the article is that Lai Mu Co., Ltd. (SH 603633) held its 13th meeting of the 6th Board of Directors on August 28, 2025, where it reviewed the special report on the use of raised funds for the first half of 2025 [1] - For the year 2024, the revenue composition of Lai Mu Co., Ltd. is as follows: automotive products account for 71.66%, mobile phone products account for 17.61%, other businesses account for 8.37%, molds and fixtures account for 1.81%, and energy storage products account for 0.53% [1]

Group 1 - The company reported a revenue of 760,792,985.66 yuan for the first half of 2025, representing a year-on-year increase of 11.02% [1] - The net profit attributable to shareholders of the listed company was 32,399,665.50 yuan, showing a year-on-year decrease of 37.84% [1]

Core Viewpoint - The company reported a revenue of 761 million yuan for the first half of 2025, reflecting a year-on-year growth of 11.02%, while net profit attributable to shareholders decreased by 37.84% [1] Financial Performance - Revenue for the reporting period reached 761 million yuan, an increase of 11.02% compared to the previous year [1] - Net profit attributable to shareholders was 32.4 million yuan, showing a decline of 37.84% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 28.3 million yuan, down 41.33% year-on-year [1] - Basic earnings per share stood at 0.08 yuan [1]

证券代码：603633 证券简称：徕木股份 公告编号：2025-033 上海徕木电子股份有限公司 关于2025年半年度募集资金存放与使用情况的专项报告 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、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和上海证券交易 所印发的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》的规定， 将本公司 2025 年 1-6 月募集资金存放与使用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准上海徕木电子股份有限公司非公开发 行股票的批复》（证监许可〔2022〕58 号），本公司由主承销商海通证券股份有限公 司采用非公开发行方式，向特定对象发行非公开发行人民币普通股（A 股）股票 64,814,814 股，发行价为每股人民币 10.80 元，共计募集资金 70,000.00 万元，坐 扣承销和保荐费用 1,069.60 万元后的募集资金为 68,930.40 万元，已由主承销商海 通证券股份有限公司于 ...

第六届监事会第十次会议决议公告 证券代码：603633 证券简称：徕木股份 公告编号：2025-032 上海徕木电子股份有限公司 监事会认为：公司2025年半年度报告编制和审议程序符合法律、法规、《公 司章程》和公司内部管理制度的各项规定；公司2025年半年度报告的内容和格式 符合中国证监会和上海证券交易所的各项规定，所包含的信息能够从各个方面真 实、公允地反映公司2025年半年度的经营管理和财务状况等事项；半年报编制过 程中，未发现公司参与报告编制和审议的人员有违反保密规定的行为；公司2025 年半年度报告披露的信息真实、准确、完整，其中不存在任何虚假记载、误导性 陈述或重大遗漏；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。 （二）审议通过《关于2025年半年度募集资金存放与使用情况的专项报告》 表决结果：4票赞成，0票反对，0票弃权。 监事会认为：公司2025年半年度募集资金存放与使用情况符合《上市公司募 集资金监管规则》和《上海证券交易所上市公司自律监管指引第1号——规范运 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 ...

证券代码：603633 证券简称：徕木股份 公告编号：2025-031 （二）审议通过《关于2025年半年度募集资金存放与使用情况的专项报告》 本议案已经公司董事会审计委员会审议通过。 表决结果：9票赞成，0票反对，0票弃权。 上海徕木电子股份有限公司 第六届董事会第十三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 上海徕木电子股份有限公司第六届董事会第十三次会议于2025年8月18日以 通讯方式（包括但不限于电话、传真、电子邮件）发出通知，并于2025年8月28 日以现场结合通讯表决的方式在公司会议室召开。会议由董事会召集，应到董事 九名，实到董事九名，监事及高级管理人员列席了会议。会议召开符合《公司法》 和《公司章程》的规定。 会议由董事长朱新爱女士主持。 二、董事会会议审议情况 （一）审议通过《公司2025年半年度报告全文及摘要》 董事会一致同意《公司2025年半年度报告》、《公司2025年半年度报告摘要》 的各项内容，确认其所载内容不存在任何虚假记载、误导性陈述或者重大遗 ...

Financial Overview - The report period covers from January 1, 2025, to June 30, 2025[13]. - The company achieved operating revenue of CNY 760.79 million, representing a year-on-year growth of 11.02%[21]. - The net profit attributable to shareholders decreased by 37.84% to CNY 32.40 million compared to the same period last year[21]. - Total assets increased by 4.01% to CNY 3.81 billion compared to the end of the previous year[21]. - The weighted average return on net assets decreased by 1.03 percentage points to 1.66%[22]. - The net cash flow from operating activities fell by 50.58% to CNY 20.23 million compared to the previous year[21]. - Main business revenue reached CNY 695.72 million, with a year-on-year increase of 10.10%[31]. - Total liabilities amounted to ¥1,842,799,397.75 as of June 30, 2025, up from ¥1,727,909,704.90, reflecting a growth of about 6.6%[121]. - Shareholders' equity as of June 30, 2025, was ¥1,970,274,961.66, compared to ¥1,938,043,195.50 at the end of 2024, indicating an increase of approximately 1.7%[121]. Risk Factors - The company has detailed potential risks in the report, which investors should be aware of[8]. - The company faces market risks due to potential fluctuations in demand for automotive and mobile phone products, which could adversely affect downstream clients[56]. - Increased competition in the precision electronic connector and shielding industry poses a significant risk, with over a thousand domestic competitors[56]. - Fluctuations in raw material prices, particularly for precision electronic copper strips and plastic particles, could impact the company's profitability[59]. - The company is at risk of losing technical talent and facing technology leakage despite implementing protective measures and confidentiality agreements[58]. - The company faces risks related to accounts receivable management, which could pressure cash flow despite low bad debt risk[60]. - The company has fully provided for inventory impairment losses according to accounting regulations, but market demand changes could lead to potential losses[60]. Corporate Governance - The board of directors and management confirm the accuracy and completeness of the financial report[5]. - All board members attended the board meeting to discuss the report[4]. - The company has a commitment to transparency and legal responsibility for the report's content[3]. - The company has not faced any penalties or corrective actions from regulatory bodies during the reporting period, reflecting good governance[87]. - The company’s controlling shareholder and actual controller, Fang Peijiao, committed to avoiding any direct or indirect competition with the company’s existing and future business activities[74]. - The company’s board of directors and senior management committed to ensuring the implementation of measures to compensate for any dilution of returns from the initial public offering[76]. Research and Development - The company plans to enhance its R&D capabilities and accelerate industrial layout, focusing on high-voltage and high-current connectors for new energy vehicles[29]. - R&D expenses amounted to CNY 40.02 million, up 4.63% year-on-year, accounting for 5.26% of operating revenue[32]. - The company is committed to developing new technologies and products in the fields of intelligent driving modules and energy storage connectors[29]. - The company has established a strong core technology team and is recognized as a national high-tech enterprise, emphasizing the importance of ongoing R&D investment[58]. - The company has passed the national high-tech enterprise re-examination, enjoying a 15% corporate income tax rate for three years[61]. Financial Management - The company does not plan to distribute profits or increase share capital from reserves during the reporting period[6]. - The report has not been audited, and the management has ensured the financial report's authenticity[5]. - The company has established a cash compensation formula for directors and senior management who fail to fulfill their stock purchase obligations[78]. - The company has not utilized any of the raised funds for changes in purpose during the reporting period[96]. - The total amount of funds raised is RMB 70,000 million, with a net amount of RMB 68,790.78 million after deductions[95]. Shareholder Information - The total number of ordinary shareholders as of the reporting period is 24,995[108]. - The total number of shares remains unchanged at 426,810,818, with no new shares issued or other changes[106]. - The largest shareholder, Fang Peijiao, holds 73,279,729 shares, representing 17.17% of the total shares[110]. - Zhu Xin'ai, the chairman and general manager, reduced her holdings by 8,713,700 shares, bringing her total to 30,748,821 shares, or 7.20%[114]. - The company has a total of 3,740,516 shares repurchased, which will be used for employee stock incentive plans in the future[112]. Compliance and Legal Matters - The company has not reported any environmental violations during the reporting period, adhering to relevant environmental laws[70]. - There are no significant changes in the audit opinion from the previous annual report, indicating consistent financial reporting standards[86]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[86]. - The company has not faced any issues with the decision-making process regarding external guarantees[8]. Investment and Expansion - The company is currently in an expansion phase, which may lead to management challenges as operations become more complex across multiple production bases[59]. - The company is actively promoting the construction of the "green intelligent manufacturing base project" while optimizing investment pace to match market demand[102]. - The company has established long-term strategic partnerships with major automotive brands, enhancing its competitive advantage in the automotive electronics sector[39]. - The company is expanding its market presence in automotive and new energy connector markets, particularly in robotics and optical modules[28].