Core Viewpoint - Wuzhou Xinchun experienced a decline of 5.48% on November 20, with a stock price of 41.60 CNY per share and a total market capitalization of 15.234 billion CNY [1] Group 1: Company Overview - Wuzhou Xinchun Group Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on November 12, 1999, with its listing date on October 25, 2016 [1] - The company's main business includes the research, production, and sales of bearings, precision mechanical components, automotive safety systems, and thermal management system components [1] - The revenue composition of the main business is as follows: bearings products 52.53%, air conditioning pipeline components 32.42%, automotive parts 12.87%, and others 2.18% [1] Group 2: Fund Holdings - Dachen Fund has one fund heavily invested in Wuzhou Xinchun, specifically the Dachen Value Pioneer Flexible Allocation A (011030), which held 26,200 shares in the third quarter, unchanged from the previous period, accounting for 3.56% of the fund's net value [2] - The estimated floating loss for today is approximately 63,100 CNY [2] - Dachen Value Pioneer Flexible Allocation A was established on May 19, 2021, with a current scale of 17.3476 million CNY, yielding 25.23% this year, ranking 3,255 out of 8,136 in its category [2]

按照11月3日至11月14日加权均价46.29元/股计算，五洲控股本次减持套现约1.37亿元。 | 投资者名称 | 变动前股数 | 变动前 比例 | 变动后股数 | 变动后 | 权益变 | 权益变动 的时间区 | | --- | --- | --- | --- | --- | --- | --- | | | (万股) | | (万股) | 比例(%) | 动方式 | | | | | (%) | | | | ਸਿ | | 浙江五洲新春 集团控股有限 | 23, 360, 187 | 6.38% | 20, 404, 027 | 5. 57% | 集中 竞 价 1 大 宗 交 | 2025/11/03 | | 公司 | | | | | | 2025/11/14 | | | | | | | 易 | | 五洲新春2025年度向特定对象发行A股股票募集说明书(申报稿)显示，本次向特定对象发行A股股票募集资 金总额不超过100,000.00万元(含本数)，扣除发行费用后，募集资金拟投资于具身智能机器人和汽车智驾核 心零部件研发与产业化项目、补充流动资金。 中国经济网北京11月18日讯五洲新春（603667）(603667 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][11] Core Views - The company has shown stable performance with a year-on-year revenue growth of 7.60% for the first three quarters of 2025, reaching 2.661 billion yuan, and a net profit of 98.48 million yuan, reflecting a growth of 0.25% [5][7] - The company is actively upgrading its high-end bearing and screw products, which is expected to drive future growth [4][11] Financial Performance - For Q3 2025, the company achieved a revenue of 767 million yuan, with a year-on-year increase of 6.33% and a quarter-on-quarter decrease of 23.73%. The net profit for the same period was 23.19 million yuan, showing a year-on-year increase of 0.07% but a quarter-on-quarter decrease of 38.06% [7] - The gross margin for Q3 was 19.71%, up by 0.98 percentage points year-on-year, while the net margin improved by 0.26 percentage points year-on-year [7] Product Development and Market Expansion - The company is expanding its presence in the new energy vehicle bearing market, with a monthly production of over 2 million sets of ball ring needle bearings, catering to both domestic and international markets [8] - The screw business is also making significant strides, transitioning from sample production to small batch orders, particularly in the robotics and automotive sectors [9] Future Projections - Revenue projections for 2025-2027 are estimated at 3.616 billion, 4.173 billion, and 4.872 billion yuan, with year-on-year growth rates of 10.8%, 15.4%, and 16.7% respectively. Net profit is expected to reach 137 million, 199 million, and 274 million yuan during the same period, with growth rates of 49.7%, 45.7%, and 37.3% respectively [11][12]

证券代码：603667 证券简称：五洲新春 公告编号：2025-091 浙江五洲新春集团股份有限公司 关于向特定对象发行股票申请文件 的审核问询函回复的提示性公告 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 浙江五洲新春集团股份有限公司（以下简称"公司"）于2025年11月4日收到上海证券交易所(以下简 称"上交所")出具的《关于浙江五洲新春集团股份有限公司向特定对象发行股票申请文件的审核问询 函》(上证上审(再融资)(2025)342号)。 公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐项落实，并按审核问询函要求对有关 问题进行了说明和论证分析,现根据要求对审核问询函回复进行公开披露，具体内容详见公司同日在上 交所网站披露的《关于浙江五洲新春集团股份有限公司向特定对象发行股票申请文件的审核问询函的回 复报告》等文件。 公司本次向特定对象发行股票事宜尚需上交所审核通过、中国证券监督管理委员会同意注册后方可实 施,最终能否通过上交所审核并获得中国证券监督管理委员会 ...

Core Viewpoint - The company Wuzhou Xinchun plans to raise up to 1 billion yuan through a private placement, with 700 million yuan allocated for the development and industrialization of humanoid robots and core components for intelligent vehicles, and 300 million yuan for working capital [2] Investment Project Summary - The total investment for the current fundraising project is 1.055 billion yuan, with 721 million yuan earmarked for equipment procurement, primarily for production lines of planetary roller screws, micro ball screws, and general-purpose robot bearings [4][6] - The project aims to produce 980,000 sets of planetary roller screws, 2.1 million sets of micro ball screws, and 70,000 sets of general-purpose robot bearings, which can support the production of 70,000 humanoid robots [4][7] Market Demand and Clientele - The market demand for the company's products is driven by the growth in the humanoid robot and intelligent vehicle sectors, with a projected market share of approximately 3.9% by 2030 based on global humanoid robot sales reaching 2.05 million units [7] - The company has established connections with notable clients in the humanoid robot and intelligent vehicle industries, including ByteDance and Changan Automobile Group, and has received orders for components from these clients [7][8] Revenue and Orders - Initial revenues from the current fundraising project have been recorded, with screw products generating 6.13 million yuan in 2024 and 2.7 million yuan in the first half of 2025 [8] - The company notes that current order amounts are small due to the early stage of the humanoid robot industry, but anticipates significant demand as the market matures [8]

Investment Rating - The beauty and personal care industry is rated as "Recommended" [1] Core Insights - The overall market shows stable growth, with impressive performance in instant retail during the Double Eleven shopping festival, achieving a total e-commerce sales of 1,695 billion yuan, a year-on-year increase of 14.2% [2] - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and fragrance and makeup sales at 334 billion yuan, both showing double-digit growth [3] - Domestic brands are gaining strength, with notable performances from brands like Proya and Han Shu, while international luxury brands are also recovering [4][5] Summary by Sections Market Overview - The Double Eleven shopping festival saw a total e-commerce sales of 1,695 billion yuan, with a 14.2% year-on-year growth. Instant retail sales reached 67 billion yuan, marking a significant increase of 138.4% [2] Beauty Sector Performance - The beauty and skincare sales during Double Eleven reached 991 billion yuan, with fragrance and makeup sales at 334 billion yuan, both exceeding the overall market growth rate [3] Brand Analysis - On Tmall, domestic brands occupy five spots in the top 20 beauty brands, with Proya maintaining the top position. International brands like L'Oréal and Estée Lauder also showed improvements [4] - On Douyin, domestic brands hold five spots in the top 10 beauty brands, with Han Shu and Proya leading the rankings [5] Investment Recommendations - The report suggests focusing on brands with strong growth and performance certainty, such as MaoGeping and Marubi. Brands showing significant improvement include Shuiyang and Shanghai Jahwa, while companies with core technology and clear long-term trends like Juzibio are also recommended [6]

证券日报网讯 11月17日晚间，五洲新春发布公告称，公司控股股东之一致行动人浙江五洲控股集团股 份有限公司于2025年11月14日将其原质押给华夏银行股份有限公司绍兴新昌支行的合计8，500，000股 无限售流通股办理了解除质押。 （文章来源：证券日报） ...

证券代码：603667 证券简称：五洲新春 公告编号：2025-092 浙江五洲新春集团股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 股东及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 37.81% | | | | 权益变动后合计比例 | 37.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 3.一致行动人信息 | 一致行动人名称 | 投资者身份 | | | --- | --- | --- | | | | 统一社会信用代码 | | |  | 控股股东/实控人 | | | --- | --- | --- | --- | | 张峰 | □ | 控股股东 ...

国浩律师（上海）事务所 关 于 浙江五洲新春集团股份有限公司 2025 年度向特定对象发行 A 股股票 之 补充法律意见书（一） 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编:200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2025 年 11 月 国浩律师（上海）事务所 补充法律意见书（一） 国浩律师（上海）事务所 浙江五洲新春集团股份有限公司 2025 年度向特定对象发行 A 股股票 之补充法律意见书（一） 致：浙江五洲新春集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"）依据与浙江五洲新春集团股份 有限公司签署的《非诉讼法律服务委托协议》，指派秦桂森律师、罗端律师、黄 雨桑律师担任发行人 2025 年度向特定对象发行 A 股股票的特聘专项法律顾问。 国浩律师（上海）事务所根据 ...

证券代码：603667 证券简称：五洲新春 公告编号：2025-091 浙江五洲新春集团股份有限公司 关于向特定对象发行股票申请文件 的审核问询函回复的提示性公告 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。 浙江五洲新春集团股份有限公司（以下简称"公司"）于2025年11月4日收 到上海证券交易所(以下简称"上交所")出具的《关于浙江五洲新春集团股份有 限公司向特定对象发行股票申请文件的审核问询函》(上证上审(再融 资)(2025)342号)。 公司本次向特定对象发行股票事宜尚需上交所审核通过、中国证券监督管理 委员会同意注册后方可实施,最终能否通过上交所审核并获得中国证券监督管理 委员会同意注册的决定及其时间尚存在不确定性。公司将根据进展情况及时履行 信息披露义务，敬请广大投资者注意投资风险。 特此公告。 浙江五洲新春集团股份有限公司 董事会 公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐项落实， 并按审核问询函要求对有关问题进行了说明和论证分析,现根据要求对审核问询 函回复进行公开披露，具体内容详见公司同日 ...