Core Viewpoint - The hydraulic industry in China is experiencing a shift towards increased domestic production and technological advancements, with key players focusing on expanding their market presence both domestically and internationally [2][4][7]. Group 1: Company Business Layout - The hydraulic industry companies primarily focus on the domestic market, with companies like Jilun Intelligent and Fenglong Co., Ltd. having higher foreign sales ratios of 56.33% and 38.97% respectively [2][3]. - Companies such as Hengli Hydraulic, Aidi Precision, and Shaoyang Hydraulic have over 80% of their revenue coming from hydraulic-related products [2]. Group 2: Business Planning - Hengli Hydraulic plans to deepen its global layout, focusing on Southeast Asia and Europe, and aims to innovate in electric cylinders and hydraulic integration products [6]. - Aidi Precision is set to enhance strategic cooperation with main engine manufacturers and scale up production of core components like hydraulic motors and pumps [6]. - AVIC Heavy Machinery aims to leverage its aviation technology to expand hydraulic applications in high-end industrial markets [6]. - Fenglong Co., Ltd. plans to improve production capacity and quality through automation and lean management [6]. Group 3: Import and Export Overview - China's hydraulic trade deficit has been decreasing from 2019 to 2024, with a trade surplus of $2.93 million in 2024, attributed to advancements by leading companies like Hengli Hydraulic and Aidi Precision [7]. - The export value of China's hydraulic products has shown an upward trend, reaching a record high of $2.182 billion in 2024, with a year-on-year growth of 9.4% [9].

Group 1: Dividend Indices - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a one-year dividend yield of 4.09% as of December 1 [1] - The Dividend Quality Index (931468.CSI) consists of 50 securities that continuously pay cash dividends, have high payout ratios, and exhibit high profitability, with a one-year dividend yield of 3.42% as of December 1 [1] Group 2: Company Dividend Announcements - Tongxingbao announced a cash dividend of 1.50 RMB per 10 shares (tax included), with a record date of December 5, 2025, and an ex-dividend date of December 8, 2025 [1] - Shanghai Ailu announced a cash dividend of 0.40 RMB per 10 shares (tax included), with a record date of December 4, 2025, and an ex-dividend date of December 5, 2025 [2] - Aiwei Technology announced a cash dividend of 0.054 RMB per share (tax included), with a record date of December 5, 2025, and an ex-dividend date of December 8, 2025 [2] - Meibang Co. announced a cash dividend of 0.05 RMB per share (tax included), with a record date of December 9, 2025, and an ex-dividend date of December 10, 2025 [2] - Aidi Precision announced a cash dividend of 0.10 RMB per share (tax included), with a record date of December 5, 2025, and an ex-dividend date of December 8, 2025 [3] - Dingdian Software announced a cash dividend of 0.20 RMB per share (tax included), with a record date of December 9, 2025, and an ex-dividend date of December 10, 2025 [3] - Jingjin Equipment announced a cash dividend of 0.50 RMB per share (tax included), with a record date of December 5, 2025, and an ex-dividend date of December 8, 2025 [3] - Lujiazui announced a cash dividend of 0.0633 RMB per share (tax included), with a record date of December 9, 2025, and an ex-dividend date of December 10, 2025 [4] - Zhongzhi Technology announced a cash dividend of 0.80 RMB per 10 shares (tax included), with a record date of December 5, 2025, and an ex-dividend date of December 8, 2025 [4] - Dahua Co. announced a cash dividend of 1.850000 RMB per 10 shares (tax included), with a record date of December 8, 2025, and an ex-dividend date of December 9, 2025 [4] - Sun Paper announced a cash dividend of 1.00 RMB per 10 shares (tax included), with a record date of December 9, 2025, and an ex-dividend date of December 10, 2025 [5]

Core Viewpoint - The company announced a cash dividend distribution plan for the first three quarters of 2025, which was approved at the second extraordinary general meeting of shareholders on November 20, 2025 [2][11]. Dividend Distribution Plan - The total share capital before the distribution is 831,088,544 shares, with a cash dividend of 0.10 CNY per share (including tax), totaling 83,108,854.40 CNY [4][11]. - The distribution will be executed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, with shareholders able to receive dividends at their designated securities firms on the payment date [5][6]. Taxation Details - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax. For those holding shares for one year or less, the tax treatment varies based on the holding period [8]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.09 CNY per share [9]. Convertible Bond Adjustment - Due to the cash dividend distribution, the conversion price of the company's convertible bonds will be adjusted from 18.75 CNY per share to 18.65 CNY per share, effective from December 8, 2025 [11][14]. - The adjustment is based on the formula P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [12].

关于因 2025 年前三季度利润分配 | 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 调整可转债转股价格的公告 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。 （以下简称"可转债募集说明书"）相关条款的规定，在"艾迪转债"发行之后， 若公司发生派送股票股利、转增股本、增发新股（不包括因本次发行的可转债转 股而增加的股本）、配股以及派发现金股利等情况，公司将按上述条件出现的先后 顺序，依次对转股价格进行调整（保留小数点后两位，最后一位四舍五入）。 公司于 2025 年 11 月 20 日召开了 2025 年第二次临时股东会，审议通过《关 于公司 2025 年前三季度利润分配预案的议案》，具体如下：以公司实施权益分派 股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 1.00 元（含 税）。在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每 ...

证券代码：603638 证券简称：艾迪精密 公告编号：2025-057 转债代码：113644 转债简称：艾迪转债 烟台艾迪精密机械股份有限公司 2025年前三季度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.10元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/5 | － | 2025/12/8 | 2025/12/8 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 3. 分配方案： 本次利润分配以方案实施前的公司总股本831,088,544股为基数，每股派发现金红利0.10 元（含税），共计派发现金红利83,108,854.40元。 1. 发放年度：2025年前三季度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | ...

Core Insights - The Chinese hydraulic industry is experiencing a growth trend in revenue, with an average revenue of 2.677 billion in 2024, and a notable growth rate of 22.3% in 2021, stabilizing around 5% in recent years [1][3] Revenue Changes - From 2019 to 2024, the average revenue of listed companies in the Chinese hydraulic industry is projected to grow, reaching 2.677 billion in 2024 [1] - The industry saw a significant growth rate of 22.3% in 2021, with more recent growth rates stabilizing around 5% [1] Profitability - The average sales gross margin for the hydraulic industry is on a downward trend, decreasing from 32.3% in 2020 to 25.4% in 2024, with a slight recovery to 25.7% in the first half of 2025 [3] - Challenges such as intensified market competition and fluctuations in raw material prices are contributing to the pressure on cost control, impacting gross margins [3] - The advancement of domestic high-end hydraulic product replacements is helping some companies enhance their technical advantages and product value, providing support for margin stabilization [3] Inventory Turnover - The average inventory turnover rate for the hydraulic industry showed a gradual decline from 3.39 times in 2020 to 3.00 times in 2022, stabilizing at 3.00 times in 2023, with a slight recovery to 3.13 times in 2024 [4] - A significant drop to 1.47 times is expected in the first half of 2025, indicating potential challenges in inventory management [4] Accounts Receivable Turnover - The average accounts receivable turnover rate increased slightly from 4.97 times in 2020 to 5.07 times in 2021, but then declined to 4.14 times in 2022 and further to 3.69 times in 2023, with a projected decrease to 3.41 times in 2024 [8] - This trend reflects initial success in market expansion and accounts receivable management, but increased competition may lead to relaxed credit policies and slower collection speeds [8] Debt Management - The average asset-liability ratio for the hydraulic industry has been on a downward trend, decreasing from 39.9% in 2020 to 37.5% in 2023, with a slight increase to 37.8% in 2024, and a return to 37.3% in the first half of 2025 [10] - This trend indicates ongoing efforts to optimize capital structure and reduce debt levels, despite temporary increases due to business expansion and financing needs [10]

Group 1 - The core viewpoint of the news is that Eddie Precision has experienced fluctuations in its stock price and trading volume, with a current market value of 16.397 billion yuan and a year-to-date stock price increase of 17.16% [1] - As of December 1, the stock price of Eddie Precision was 19.73 yuan per share, with a trading volume of 36.6433 million yuan and a turnover rate of 0.22% [1] - The company has seen a net outflow of 2.1431 million yuan in main funds, with significant selling pressure from large orders [1] Group 2 - For the period from January to September 2025, Eddie Precision achieved an operating income of 2.374 billion yuan, representing a year-on-year growth of 16.49%, and a net profit attributable to shareholders of 316 million yuan, up 12.63% year-on-year [2] - The number of shareholders increased to 23,000, reflecting an 11.11% rise, while the average circulating shares per person decreased by 10% to 36,157 shares [2] - Since its A-share listing, the company has distributed a total of 720 million yuan in dividends, with 292 million yuan distributed over the past three years [2]

Market Overview - The engineering machinery sector increased by 0.26% on November 25, with Helen Zhe leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Helen Zhe (300201) closed at 6.36, up 6.00% with a trading volume of 1.5095 million shares and a turnover of 944 million yuan [1] - Jin Dao Technology (301279) closed at 28.89, up 5.13% with a trading volume of 27,900 shares and a turnover of 797.584 million yuan [1] - Xia Gong Co. (600815) closed at 3.74, up 3.31% with a trading volume of 1.382 million shares and a turnover of 511 million yuan [1] - Changling Hydraulic (605389) closed at 67.01, up 3.20% with a trading volume of 20,900 shares and a turnover of 140 million yuan [1] - Aidi Precision (603638) closed at 19.90, up 3.11% with a trading volume of 137,300 shares and a turnover of 274 million yuan [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 23.2778 million yuan from institutional investors and 12.6804 million yuan from speculative funds, while retail investors saw a net inflow of 35.9582 million yuan [2] - The top net inflows from institutional investors included Zhonglian Cheke (000157) with 38.2059 million yuan and Helen Zhe (300201) with 36.83 million yuan [3] - The largest net outflows from retail investors were seen in Zhonglian Cheke (000157) with -50.0579 million yuan and Helen Zhe (300201) with -25.7235 million yuan [3]

Core Viewpoint - The article provides a comprehensive overview of the hydraulic industry in China, detailing its supply chain, key players, and regional distribution of companies [1][3]. Industry Supply Chain - The upstream of the hydraulic industry consists of three main categories: steel, components, and working media, with steel supplied by major domestic steel enterprises such as Baosteel, Ansteel, and Hebei Steel [3]. - The midstream includes manufacturing companies like Hengli Hydraulic, Shaoyang Hydraulic, and Aidi Precision, which produce hydraulic motors, pumps, valves, cylinders, and systems [1][3]. - The downstream applications span various large engineering sectors, including construction machinery, aerospace, machine tools, agricultural machinery, automotive, and heavy machinery [1]. Regional Distribution - The hydraulic industry is primarily concentrated in Zhejiang and Jiangsu provinces, with Zhejiang having 5,747 hydraulic enterprises and Jiangsu having 3,999 as of October 2025 [5]. - Notable hydraulic companies in Zhejiang include Hengli Hydraulic and Youweili Hydraulic, while Jiangsu features companies like Aidi Precision and Shaoyang Hydraulic [7]. Representative Companies and Financial Performance - Key companies in the hydraulic sector include Hengli Hydraulic, Shaoyang Hydraulic, and Aidi Precision, with their hydraulic-related revenue exceeding 80% of total revenue [8]. - Financial data for representative companies shows Hengli Hydraulic with a hydraulic business revenue of 9.325 billion and a hydraulic-related business ratio of 99.31% [10]. - Aidi Precision reported a hydraulic business revenue of 2.266 billion, with a hydraulic-related business ratio of 83.15% [10].

| 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： 烟台艾迪精密机械股份有限公司（以下简称"公司"）拟使用自有资金以集中 竞价交易方式回购部分公司 A 股股份（以下简称"本次回购"），主要内容如下： ● 回购股份金额：本次回购资金总额不低于 10,000 万元（含）,不超过 20,000 万元（含），具体以回购期满时实际回购金额为准； ● 回购股份资金来源：公司自有资金； ● 回购股份用途：用于转换公司可转债； ● 回购股份价格：不超过 27 元/股（含），该价格上限不高于董事会通过本次 回购股份决议前 30 个交易日公司股票交易均价的 150%； ● 回购股份方式：集中竞价交易方式; ● 回购股份期限：自公司董事会审议通过本次回购方案之日起 12 个月 ...