证券研究报告|公司点评报告 [Table_Date] 2025 年 12 月 24 日 [Table_Title] 发布员工持股计划，彰显长期发展信心 [Table_Title2] 隆鑫通用(603766) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603766 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 16.5/7.98 | | 目标价格： | | 总市值(亿) | 316.66 | | 最新收盘价： | 15.42 | 自由流通市值(亿) | 316.66 | | | | 自由流通股数(百万) | 2,053.54 | [Table_Summary] 事件概述 公司发布第三期员工持股计划及 2025 中期利润分配方案。 分析判断: ► 员工持股计划绑定未来三年业绩，彰显长期发展信心 公司发布第三期员工持股计划，持股计划规模总额不超过 4 亿元，授予股票数量约为 2594 万股，拟授予对象包 括董事长、非独立董事、总经理、多位副总经理、董事会秘书、财务总监、核心关键人员（平台总监、事业部 副总等）及其 ...

Core Viewpoint - Longxin General announced the approval of multiple proposals at the 12th meeting of the fifth board of directors, indicating ongoing governance and strategic decision-making processes within the company [2] Group 1 - The company held its 12th meeting of the fifth board of directors on December 24 [2] - Multiple proposals were reviewed and approved during this meeting, reflecting the company's commitment to governance and operational efficiency [2]

Core Viewpoint - Longxin General (隆鑫通用) has announced its third employee stock ownership plan and a mid-term profit distribution plan for 2025, aiming to align the core team with the company's long-term development and ensure stable returns for shareholders [1][2]. Group 1: Employee Stock Ownership Plan - The employee stock ownership plan is capped at RMB 400 million, based on a share price of RMB 15.42 as of December 24, 2025, involving approximately 25.94 million shares [1]. - The plan will cover up to 500 individuals, including directors, senior management, and core business personnel, with at least 60% of shares allocated to non-director and non-supervisory core personnel [1]. - A three-phase unlocking mechanism is established, with 40%, 30%, and 30% of shares unlocked over the assessment period from 2026 to 2028, based on key growth indicators and individual performance [1]. Group 2: Financial Performance - For the first three quarters of 2025, Longxin General reported a revenue of RMB 14.557 billion, a year-on-year increase of 19.14%, and a net profit attributable to shareholders of RMB 1.577 billion, a significant increase of 75.45% [2]. - The company's self-owned brand business saw revenue growth exceeding 25%, highlighting its innovation capabilities and market competitiveness [2]. - The net cash flow from operating activities reached RMB 2.668 billion, with a nearly 150% year-on-year increase, and cash reserves amounted to RMB 9.361 billion, up over 60% [2]. Group 3: Profit Distribution - The board has approved a mid-term profit distribution plan, proposing a cash dividend of RMB 2.00 per 10 shares (tax included), amounting to approximately RMB 410 million, which represents 26.05% of the net profit for the first three quarters [2]. - Cumulatively, including the previously implemented 2024 annual dividend, the total cash dividends distributed by Longxin General in the 2025 calendar year will exceed RMB 1.2 billion, reflecting the company's commitment to shareholder returns [3].

股票代码：603766 股票简称：隆鑫通用 编码：临 2025-059 隆鑫通用动力股份有限公司 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 隆鑫通用动力股份有限公司（以下简称"公司"）第五届董事会第十二次会 议于 2025 年 12 月 24 日以通讯表决的方式召开。本次会议通知于 2025 年 12 月 19 日以通讯方式送达各位董事。会议应出席董事 9 名，实际出席董事 9 名。会 议由董事长李耀先生主持。会议的召集、召开符合有关法律、行政法规、部门规 章和《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议经与会董事审议并逐项书面表决，形成决议如下： （一）会议以 3 票同意，0 票反对，0 票弃权，审议通过《关于<公司第三 期员工持股计划（草案）>及其摘要的议案》，关联董事李耀先生、胡显源先生、 黄培国先生、龚晖先生、焦一洋先生和刘昭先生已回避表决。 （详细内容见上海证券交易所网站 www.sse.com.cn 同日披露的《隆鑫通用 ...

Core Viewpoint - Longxin General has demonstrated strong financial performance and commitment to shareholder value through a substantial profit distribution plan and an employee stock ownership plan, marking a significant transformation in its operational strategy. Group 1: Financial Performance - Longxin General reported a nearly 20% year-on-year increase in revenue and over 70% growth in profit for the first three quarters of 2025, with self-owned brand revenue growing by more than 25% [1] - The company generated a net cash flow from operating activities of 2.668 billion, representing a nearly 150% year-on-year increase, and had a cash balance of 9.361 billion, up over 60% [1] - The asset-liability ratio stands at 43.19%, the lowest in the industry, indicating strong financial health [1] Group 2: Shareholder and Employee Engagement - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling approximately 410 million, which accounts for 26.05% of the net profit attributable to shareholders for the first three quarters [2] - Cumulatively, the total dividends distributed in 2025 will exceed 1.2 billion, reflecting a high dividend payout ratio and commitment to shareholder returns [2] - Longxin General has launched a 400 million employee stock ownership plan, covering nearly 500 key personnel, to align the interests of core teams with the company's long-term development [2][3] Group 3: Incentive Mechanism - The employee stock ownership plan features a scientific unlocking mechanism over three phases (40%, 30%, 30%) with performance metrics based on self-owned brand revenue, net profit, and total revenue as unlocking conditions [3] - This approach balances incentives and constraints, fostering a culture of shared growth and accountability within the company [3]

格隆汇12月24日丨隆鑫通用(603766.SH)公布第三期员工持股计划，本员工持股计划规模不超过 40,000万元，以公司股票2025年12月24日收盘价15.42元/股作为平均买入价格测算，本次员工持股计划 涉及的股票数量约为2,594万股(含预留部分)。本次员工持股计划实施后，公司全部有效员工持股计划所 持有的股票总数累计未超过公司股本总额的10%，单个员工所获权益份额对应的股票总数累计未超过公 司股本总额的1%。员工持股计划持有的股票总数不包括员工在公司首次公开发行股票上市前获得的股 份、通过二级市场自行购买的股份及通过股权激励获得的股份等。 ...

截至发稿，隆鑫通用市值为317亿元。 每经AI快讯，隆鑫通用（SH 603766，收盘价：15.42元）12月24日晚间发布公告称，公司第五届第十二 次董事会会议于2025年12月24日以通讯表决的方式召开。会议审议了《关于公司2025年中期利润分配方 案的议案》等文件。 2024年1至12月份，隆鑫通用的营业收入构成为：机械制造行业占比99.23%，其他业务占比0.77%。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" （记者 曾健辉） ...

格隆汇12月24日丨隆鑫通用(603766.SH)公布2025年中期利润分配方案，根据2024年年度股东大会授 权，公司2025年中期拟实施利润分配的方案为：以2025年中期利润分配股权登记日的总股本为基数，每 10股派发现金红利2.00元（含税）。拟派发的现金红利共计4.11亿元（含税），本次中期分红拟分配现 金红利金额占2025年前三季度归属于上市公司股东的净利润的26.05%。 ...

格隆汇12月24日丨隆鑫通用(603766.SH)公布第三期员工持股计划，本员工持股计划规模不超过40,000万 元，以公司股票2025年12月24日收盘价15.42元/股作为平均买入价格测算，本次员工持股计划涉及的股 票数量约为2,594万股（含预留部分）。本次员工持股计划实施后，公司全部有效员工持股计划所持有 的股票总数累计未超过公司股本总额的10%，单个员工所获权益份额对应的股票总数累计未超过公司股 本总额的1%。员工持股计划持有的股票总数不包括员工在公司首次公开发行股票上市前获得的股份、 通过二级市场自行购买的股份及通过股权激励获得的股份等。 ...

格隆汇12月24日丨隆鑫通用(603766.SH)公布2025年中期利润分配方案，根据2024年年度股东大会授 权，公司2025年中期拟实施利润分配的方案为：以2025年中期利润分配股权登记日的总股本为基数，每 10股派发现金红利2.00元（含税）。拟派发的现金红利共计4.11亿元（含税），本次中期分红拟分配现 金红利金额占2025年前三季度归属于上市公司股东的净利润的26.05%。 ...