证券代码：603926 证券简称：铁流股份 铁流股份有限公司 投资者关系活动记录表 编号：2025-007 提问 3：公司汽车传动系统制造板块经营情况如何？ 回复：公司汽车离合器传动系统制造板块 2025 年前三季度净 利润贡献稳中有升，为公司提供稳定现金流支撑。目前，该行业 集中度较低，公司将持续开拓市场，以优质的产品品质，实现市 占率的不断提升。 提问 4：公司对商用车全车件智慧服务板块有什么规划？ 回复：一是推进数字化升级，依托中配平台的汽车零部件大 数据资源，为中小企业赋能，帮助其减少库存、提升效率；同时 拓展线上交易撮合功能，服务注册用户，并试点保险公司定损场 景，探索大数据的商业化路径； 二是优化供应链与产品线，通过整合供应链资源，丰富产品 线来满足不同客户的需求，增强盈利能力；同时，和大型企业建 立了良好合作关系，为京东、德邦等物流公司提供一站式解决方 案，提升市场覆盖能力； | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ☑现场参观 □一对一沟通 □其他（电话会议） ...

Group 1 - The core viewpoint of the article highlights that Tieliu Co., Ltd. (SH 603926) will be participating in an investor research event on November 5-6, 2025, with representatives from the company addressing investor inquiries [1] - For the year 2024, Tieliu's revenue composition is as follows: 61.21% from automotive parts manufacturing, 36.3% from automotive parts trading, and 2.49% from other businesses [1] - As of the report, Tieliu's market capitalization stands at 3.8 billion yuan [1]

Core Viewpoint - Tieliu Co., Ltd. is a leading player in the automotive clutch manufacturing sector, with a focus on precision manufacturing and smart services, but it faces challenges in revenue and profitability compared to industry peers [1][2]. Group 1: Company Overview - Tieliu Co., Ltd. was established on November 26, 2009, and listed on the Shanghai Stock Exchange on May 10, 2017, with its headquarters in Hangzhou, Zhejiang Province [1]. - The company specializes in the research, production, and sales of automotive clutches and is recognized for its significant market share and production capacity in China [1]. Group 2: Financial Performance - In Q3 2025, Tieliu Co., Ltd. reported revenue of 1.767 billion yuan, ranking 38th among 103 companies in the industry, significantly lower than the top competitors Weichai Power (170.571 billion yuan) and Top Group (20.928 billion yuan) [2]. - The net profit for the same period was 72.0946 million yuan, placing it 62nd in the industry, again far behind Weichai Power (10.852 billion yuan) and Top Group (1.969 billion yuan) [2]. Group 3: Financial Ratios - As of Q3 2025, Tieliu Co., Ltd. had a debt-to-asset ratio of 43.14%, which is higher than the industry average of 39.06% and an increase from 42.15% in the previous year [3]. - The gross profit margin was reported at 16.37%, down from 17.90% year-on-year and below the industry average of 21.53% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.62% to 10,800, while the average number of circulating A-shares held per shareholder increased by 3.28% to 21,300 [5]. Group 5: Future Outlook - Tieliu Co., Ltd. is expected to see net profits of 129 million yuan, 164 million yuan, and 208 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.55, 0.70, and 0.88 yuan [5]. - The company is focusing on leveraging its acquisition of German Geiger to enhance its capabilities in high-precision components, particularly in the electric vehicle sector, and aims to continue expanding through strategic acquisitions [5].

Core Viewpoint - Tieliu Co., Ltd. has shown significant stock performance with a year-to-date increase of 104.89%, indicating strong market interest and potential growth in the automotive parts sector [1][2]. Financial Performance - For the period from January to September 2025, Tieliu Co., Ltd. achieved a revenue of 1.767 billion yuan, reflecting a year-on-year growth of 0.58%. However, the net profit attributable to shareholders decreased by 1.77% to 76.39 million yuan [2]. - The company has distributed a total of 501 million yuan in dividends since its A-share listing, with 174 million yuan distributed over the past three years [2]. Stock Market Activity - On October 29, Tieliu Co., Ltd.'s stock price rose by 2.15% to 17.60 yuan per share, with a trading volume of 64.52 million yuan and a turnover rate of 1.62%, resulting in a total market capitalization of 4.131 billion yuan [1]. - The stock has been active on the龙虎榜 (top trading list) three times this year, with the most recent appearance on September 4, where it recorded a net buy of -21.11 million yuan [1]. Shareholder Information - As of September 30, Tieliu Co., Ltd. had 10,800 shareholders, a decrease of 2.62% from the previous period, with an average of 21,283 circulating shares per shareholder, which increased by 3.28% [2]. Business Segments - The company's main business segments include automotive transmission system manufacturing (53.49%), commercial vehicle full vehicle parts supply chain services (36.30%), high-precision component manufacturing (7.73%), and other supplementary services (2.49%) [2].

Core Viewpoint - The company, Tieliu Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and has stated that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter have not been audited [3]. - The report includes major accounting data and financial indicators, with all figures presented in Renminbi [3]. - Non-recurring gains and losses are applicable, but specific details regarding significant non-recurring items are not provided [4]. - The company has confirmed that there were no changes in the net profit of merged entities during the reporting period [6]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific figures are not detailed [5]. Other Important Information - The company has not indicated any other significant operational information that investors should be aware of during the reporting period [6]. - The financial statements for the first nine months of 2025 are also included, with all figures in Renminbi and marked as unaudited [6][7].

Core Insights - The company reported a revenue of 581,372,210.58 yuan for the third quarter of 2025, representing a year-on-year growth of 2.65% [1] - The net profit attributable to shareholders of the listed company was 28,751,880.28 yuan, showing a significant year-on-year increase of 33.47% [1] Financial Performance - Revenue for Q3 2025: 581.37 million yuan, up 2.65% year-on-year [1] - Net profit for Q3 2025: 28.75 million yuan, up 33.47% year-on-year [1]

Core Viewpoint - Tieliu Co., Ltd. (603926.SH) reported a year-on-year increase in revenue and net profit for Q3 2025, indicating positive financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 581 million yuan, representing a year-on-year increase of 2.65% [1] - The net profit attributable to shareholders was 27.588 million yuan, showing a year-on-year increase of 33.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21.944 million yuan, reflecting a year-on-year increase of 36.04% [1]

Group 1 - The company reported a revenue of approximately 1.767 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 0.58% [1] - The net profit attributable to shareholders of the listed company was approximately 76.39 million yuan, showing a year-on-year decrease of 1.77% [1] - The basic earnings per share were 0.33 yuan, which is a year-on-year decrease of 2.94% [1]

Financial Performance - The company's operating revenue for the third quarter was ¥581,372,210.58, representing a year-on-year increase of 2.65%[3] - The total profit for the quarter was ¥28,751,880.28, showing a significant increase of 28.11% compared to the same period last year[3] - The net profit attributable to shareholders was ¥27,588,008.48, reflecting a year-on-year growth of 33.47%[3] - The net profit after deducting non-recurring gains and losses was ¥21,944,446.74, which is an increase of 36.04% year-on-year[3] - The basic earnings per share for the quarter was ¥0.12, up by 33.33% compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 reached ¥1,766,856,816.98, a slight increase from ¥1,756,726,691.09 in the same period of 2024, representing a growth of approximately 0.8%[18] - Net profit for the first three quarters of 2025 was ¥72,094,608.87, down from ¥75,714,554.56 in 2024, reflecting a decrease of approximately 3.5%[20] - The total comprehensive income for the first three quarters of 2025 was ¥82,492,365.39, compared to ¥74,414,784.82 in 2024, reflecting an increase of approximately 10.3%[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,100,894,073.82, an increase of 1.88% from the end of the previous year[4] - As of September 30, 2025, the total assets of the company amounted to RMB 3,100,894,073.82, an increase from RMB 3,043,586,591.19 as of December 31, 2024, reflecting a growth of approximately 1.9%[13] - The company's total liabilities increased to RMB 1,500,000,000.00, compared to RMB 1,450,000,000.00 in the previous period, indicating a growth of about 3.4%[14] - The company's total current liabilities increased to RMB 1,084,000,000.00, compared to RMB 1,020,000,000.00 in the previous period, reflecting a growth of approximately 6.3%[14] - The company's total liabilities as of the end of the reporting period amounted to ¥1,337,685,708.30, slightly up from ¥1,320,491,012.94 in the previous year[18] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥89,707,333.66, reflecting an increase of 89.48%[3] - Cash flow from operating activities for the first three quarters of 2025 was ¥1,576,870,957.93, compared to ¥1,515,321,189.29 in 2024, marking an increase of approximately 4.1%[23] - Net cash flow from operating activities increased to ¥89,707,333.66, up from ¥47,344,785.68 year-over-year, reflecting a significant improvement in operational efficiency[24] - Cash inflow from investment activities totaled ¥895,652,552.14, compared to ¥458,201,887.92 in the previous period, indicating a strong recovery in investment returns[24] - Net cash flow from financing activities was positive at ¥6,492,594.83, a recovery from the previous year's net cash flow of ¥1,523,694.21[25] - The total cash and cash equivalents at the end of the period reached ¥483,873,509.12, an increase from ¥299,408,331.99 year-over-year[25] Inventory and Receivables - Accounts receivable decreased to RMB 356,988,454.92 from RMB 392,225,589.50, indicating a decline of approximately 8.9%[13] - Inventory increased to RMB 434,430,005.85 from RMB 396,384,960.33, showing a rise of around 9.6%[14] Financial Management - The company reported non-recurring gains of ¥5,643,561.74 for the quarter, with significant contributions from government subsidies and asset disposals[8] - The weighted average return on equity was 1.63%, an increase of 0.43 percentage points compared to the previous year[3] - The company paid ¥193,246,327.24 in debt repayments, a decrease from ¥231,223,436.31, indicating improved debt management[25] - Total cash outflow from financing activities was ¥291,569,680.03, down from ¥363,015,535.19, reflecting a strategic reduction in financing costs[25] - The company received ¥219,010,000.00 in new borrowings, compared to ¥280,474,149.39 previously, suggesting a cautious approach to leveraging[25] Future Plans and Changes - The company plans to enhance inventory management and increase bank credit utilization to improve cash flow in the future[8] - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[26]

Core Insights - The company reported a revenue of 1.767 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.58% [1] - The net profit attributable to shareholders was 76.39 million yuan, showing a year-on-year decline of 1.77% [1] - The net profit after deducting non-recurring items was 63.66 million yuan, which represents a year-on-year decrease of 5.86% [1] - The basic earnings per share stood at 0.33 yuan [1]