编号：2025-006 | | ☑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） | | 参与单位名称 | 东北证券、华创证券、中信建投、建信基金、国泰基金、合丰资 | | （排名不分先 | 本、黑皇资产 | | 后） | | | 时间 | 2025 年 9 月 19 日、9 月 22 日、9 月 24 日 | | 地点 | 浙江省杭州市临平区临平街道兴国路 398 号 | | 上市公司 | 董事会秘书 周莺 | | 接待人员 | 证券事务代表 梅雪 | | | 一、介绍公司业务基本情况 | | | 铁流股份是一家集智能制造及智慧服务为一体的全球性公 | | | 司，主要业务分为三大板块。 | | | 1、汽车传动系统制造板块，核心产品为汽车离合器，旗下拥 | | | 有"铁流""德萨""慈田""WESTLAKE"等多项品牌。公司离 | | | 合器产品型号齐全，可适配 90%以上的商用车、客车、工程机械、 | | | 大中型农用机械及乘用车等车型 ...

| 提问 6：公司商誉有减值风险吗？ | | --- | | 回复：公司外延并购产生的商誉总额较低，目前整体商誉金 | | 额仅为 1,600 余万元，且系并购湖北三环产生的商誉，其经营状 | | 况较好，减值风险较小。 | | 提问 7：公司近期高管减持的原因是什么？公司实际控制人 | | 有减持计划吗？ | | 回复：公司部分董事和高管减持系个人资金需求，减持规模 | | 较小；实控人及其一致行动人目前无减持计划。 附件清单 参与单位清单 | | | ☑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） | | 参与单位名称 | | | | （排名不分先 | 详见附件。 | | | 后） | | | | 时间 2025 | 年 9 月 17 日 | | | 地点 | 浙江省杭州市临平区临平街道兴国路 398 号 | | | 上市公司 | 董事会秘书 周莺 | | | 接待人员 | 证券事务代表 梅雪 | | | | 一、 ...

Core Insights - The macroeconomic environment shows strong supply but weak demand, indicating a cautious outlook for various sectors [4][11][15] - The report emphasizes the potential for recovery in the ChiNext index, driven by policy support and advancements in battery storage technology [17][24][28] Macroeconomic Overview - Construction activity is showing signs of improvement, with a slight increase in operational rates for key materials like asphalt and cement, although still below historical averages [6] - Industrial production remains robust, with high operational rates in the chemical sector, but automotive sales have seen a decline [6][13] - Demand in the construction sector is weak, with negative year-on-year growth in building materials [6][12] Commodity Prices - International commodity prices are fluctuating, with significant increases in gold prices, while domestic industrial prices are stable [7] Real Estate Market - New housing transactions have turned positive, with a notable increase in sales in first-tier cities due to relaxed policies [8] - The second-hand housing market is showing marginal improvement, with transaction volumes increasing in major cities [8] Export Trends - Exports are projected to grow by approximately 4% year-on-year in early September, supported by favorable tariff conditions [9] Consumer Market - Retail sales growth has slowed, with a year-on-year decline in August, but the "trade-in" policy is expected to boost sales in the coming months [12][32] Investment Trends - Fixed asset investment has weakened, particularly in real estate, with a significant year-on-year decline in property development investment [14][34] Automotive Industry - Heavy truck sales have surged, with a year-on-year increase of about 40% in August, indicating a strong recovery in the domestic market [52] - The penetration rate of new energy heavy trucks has reached a record high, driven by supportive policies and market demand [53] Battery and Storage Sector - The new energy storage policy aims to significantly increase installed capacity by 2027, indicating strong future growth potential for the battery sector [25][27] - The battery industry is experiencing improved market conditions, with solid-state batteries and lithium batteries gaining traction [27] Machinery Sector - The development of Tesla's robotic technology, particularly the "dexterous hand," is crucial for achieving mass production, highlighting the importance of advanced robotics in manufacturing [58][59]

Core Viewpoint - As of September 12, a total of 133 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Yunnan Energy Investment, which has seen net buying for 19 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include Shanghai Bank, COFCO Sugar, Loxley Technology, Wankai New Materials, Guotou Capital, Bolong Technology, Chuzhong Technology, and China Pacific Insurance [1]

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：2025-004 | | ☑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 □其他（电话会议） | □一对一沟通 | | 参与单位名称 | 国海证券、东吴证券、东北证券、上海喜世润投资、杭州俊腾投 | | | （排名不分先 资 | | | | 后） | | | | 时间 | 2025 年 9 月 9 日-9 月 | 11 日 | | 地点 | 浙江省杭州市临平区临平街道兴国路 398 号 | | | 上市公司 | 董事会秘书 | 周莺 | | 接待人员 | 证券事务代表 | 梅雪 | | | 一、介绍公司业务基本情况 | | | | 铁流股份是一家集智能制造及智慧服务为一体的全球性公 | | | | 司，主要业务分为三大板块。 | | | | 1、汽车传动系统制造板块，核心产品为汽车离合器，旗下拥 | | | | 有"铁流""德萨""慈田""WESTLAKE"多项品牌。 ...

Core Viewpoint - Tieliu Co., Ltd. plans to enhance its research and development in robotics by signing a framework cooperation agreement with the Yangtze River Delta Hart Robot Industry Technology Research Institute, focusing on key components of robots [1][2][3] Company Overview - Tieliu Co., Ltd. primarily engages in the automotive parts business, with an expected revenue share of 97.51% from this sector in 2024, amounting to 2.34 billion yuan [1][4] - The company operates in three main segments: automotive transmission system manufacturing, high-precision component manufacturing, and commercial vehicle full vehicle parts smart services [4] R&D Collaboration - The cooperation with Hart Research Institute includes the design and manufacturing of key robot components, adaptive control technology research, and performance testing equipment development [2][3] - Tieliu will leverage its core advantages in mold development, precision machining, and heat treatment to strategically extend into the core components of robotics [3] Market Position - Tieliu Co., Ltd. holds a leading position in the clutch production capacity within the automotive parts industry, with a revenue of 1.28 billion yuan from the automotive transmission system segment in 2024, accounting for 53.49% of total revenue [4] - The company has a comprehensive product line that covers various vehicle types, including commercial vehicles and passenger cars, with a market share that is among the highest in the industry [4] New Energy Vehicle Expansion - Tieliu is actively expanding into the new energy vehicle parts sector, with a project for producing 600,000 sets of electric motor shafts and other core components already partially operational [5] - The company has secured orders from notable clients such as Ideal Auto, Leap Motor, and Volkswagen for its electric motor shafts [5] Financial Performance - In the first half of 2025, Tieliu Co., Ltd. reported a total revenue of 1.185 billion yuan and a net profit of 48.80 million yuan, indicating a decline in key performance metrics [5]

Group 1: Company Announcements - Heng Rui Medicine has received the clinical trial approval notice for HRS-4729 injection, a self-developed peptide drug targeting GLP-1R, GIPR, and GCGR receptors, with no similar products approved in the market [1] - Hubei Yihua has successfully launched its 200,000 tons/year caustic soda project, aimed at upgrading its chlor-alkali chemical industry and enhancing market competitiveness [2] - Ji Min Health announced that its shareholder, Shuangge Group, plans to reduce its stake by up to 3%, equating to a maximum of 15.75 million shares [3] - China Shipbuilding intends to absorb and merge with China Shipbuilding Industry Corporation through a share exchange, with the latter's A-shares set to be delisted on September 5, 2025 [4] - Changfei Fiber reported that its shareholder, Changjiang Communication, plans to reduce its stake by up to 0.15%, totaling no more than 1.1 million shares [5] Group 2: Strategic Collaborations and Developments - Beijing Lier has signed a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration and related applications [6] - Junsheng Electronics is collaborating with leading clients like Zhiyuan Robotics, having achieved bulk supply of customized main control boards and various sensors [7][8] - Guoxin Technology has successfully tested a new generation of high-performance chips for automotive electronic BLDC motor control, aimed at addressing the MCU chip shortage in the automotive sector [9] Group 3: Other Corporate Actions - Guoguang Chain's actual controller plans to reduce their stake by up to 2.99%, totaling a maximum of 12.506 million shares [10] - Zhonghuan Hailu has terminated its control change plan, with its stock set to resume trading on September 5, 2025 [11] - Various companies have reported significant project wins, including Ningbo Construction winning contracts worth 1.117 billion yuan [12]

Group 1 - Shanghai Laishi's executives plan to collectively increase their holdings in the company by no less than 6 million yuan [1] - Noli Co., Ltd.'s actual controller and its concerted parties plan to reduce their holdings by no more than 3.11% [1] - Gongdong Medical's actual controller and concerted parties plan to reduce their holdings by no more than 3% [1] Group 2 - Jimin Health's actual controller's concerted party plans to reduce their holdings by no more than 3% [1] - Guoguang Chain's actual controller plans to reduce their holdings by no more than 2.99% [1] - Jiahe Meikang's Hongyun Jiukang plans to reduce their holdings by no more than 1% [1] Group 3 - Bolong Technology's supervisory board chairman plans to reduce their holdings by no more than 0.75% [1] - Changfei Optical Fiber's Yangtze Communication plans to reduce their holdings by no more than 0.15% [1] - Guoci Materials' shareholder Wang Hong plans to reduce their holdings by no more than 3 million shares [1]

Core Viewpoint - Tieliu Co., Ltd. (603926) experienced a 2.10% increase in stock price with a trading volume of 4.41 billion yuan and a fluctuation of 17.39% on the day, despite a net sell-off of 21.11 million yuan by brokerage firms [2]. Trading Activity - The stock's trading activity showed a total turnover of 1.34 billion yuan among the top five brokerage firms, with a buying amount of 56.40 million yuan and a selling amount of 77.51 million yuan, resulting in a net sell-off of 21.11 million yuan [2]. - The largest buying brokerage was CITIC Securities Co., Ltd. with a purchase amount of 18.06 million yuan, while the largest selling brokerage was Great Wall Securities Co., Ltd. with a selling amount of 20.63 million yuan [2]. Fund Flow - The stock saw a net inflow of 40.29 million yuan from major funds, including a significant inflow of 13.96 million yuan from large orders and 26.32 million yuan from major funds [2]. - Over the past five days, the net inflow of major funds totaled 64.52 million yuan [2]. Financial Performance - According to the semi-annual report released on August 26, the company achieved an operating income of 1.185 billion yuan, a year-on-year decrease of 0.41%, and a net profit of 48.80 million yuan, down 14.53% year-on-year [2].

Group 1 - Hars has received approval from the China Securities Regulatory Commission for a stock issuance to specific targets [1] - Baolande's shareholders plan to reduce their holdings by up to 3% of the company's shares [1] - Zhichun Technology's controlling shareholder intends to reduce holdings by up to 2.35% of the company's shares [2] Group 2 - Yema Battery's actual controllers plan to reduce their holdings by up to 3% of the company's shares [3] - Fangda Carbon has paid a total of 51.93 million yuan in tax and late fees [3] - Robotech's subsidiary signed a contract worth approximately 946.5 million euros [4] Group 3 - Xinke Mobile's shareholders plan to reduce their holdings by up to 1% of the company's shares [5] - Tongcheng New Materials' shareholder plans to reduce holdings by up to 2.17% of the company's shares [6] - SF Holding has repurchased 1.185 million A-shares for a total amount of 49.78 million yuan [8] Group 4 - Changqing Technology plans to issue convertible bonds to raise no more than 800 million yuan [10] - Aishida's subsidiary signed a framework cooperation agreement for equipment procurement [11] - Dayu Water's subsidiary has become the first candidate for a major water supply project with a pre-bid amount of 161 million yuan [12] Group 5 - Wanlima signed a significant contract worth approximately 44.6 million yuan [13] - Tieliu Co. signed a framework agreement with a robotics research institute [14] - Gongda Keya won a project for smart heating renovation with an estimated investment of about 100 million yuan [15] Group 6 - Jiaxun Feihong signed an overseas project contract worth approximately 41.77 million yuan [16] - Xiangfenghua's shareholder plans to reduce holdings by up to 2% of the company's shares [17] - Bangjie Co.'s subsidiary has been applied for bankruptcy reorganization [18] Group 7 - *ST Lanhua plans to establish a joint venture company with a registered capital of 70 million yuan [19] - Zhongcheng Co. intends to purchase 100% equity of a clean energy company for 151 million yuan [19]