证券代码：603950 证券简称：长源东谷 公告编号：2025-036 襄阳长源东谷实业股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 为使广大投资者更加全面、深入地了解襄阳长源东谷实业股份有限公司（以 下简称"公司"）2025 年半年度业绩情况，公司根据上海证券交易所的有关规 定，于 2025 年 10 月 10 日 16:00-17:00 在上海证券交易所上证路演中心平台（网 址：http://roadshow.sseinfo.com/）以网络互动方式召开了公司 2025 年半年 度业绩说明会。关于本次说明会的召开情况，公司已于 2025 年 9 月 26 日在上海 证券交易所网站和指定媒体上披露了《襄阳长源东谷实业股份有限公司关于召开 2025 年半年度业绩说明会的公告》（公告编号：2025-035）。 现将有关情况公告如下。 一、业绩说明会召开情况 2025 年 10 月 10 日下午 16:00-17:00，公司董事、总经理李从容女士，独立 董事付永领先 ...

Summary of Longyuan Donggu's Conference Call Industry and Company Overview - Longyuan Donggu has successfully transitioned to the new energy hybrid vehicle market through partnerships with BYD and Seres, marking a significant strategic shift from traditional commercial vehicle manufacturing [2][4] - The company initially focused on manufacturing engine blocks and cylinder heads for commercial vehicles since its establishment in 2001, but sought strategic breakthroughs starting in 2022 due to challenges in the commercial vehicle sector [4] Core Insights and Arguments - **Growth in Hybrid Vehicle Supply**: Longyuan Donggu's supply of engine blocks and cylinder heads is projected to reach 540,000 sets in 2024, a sixfold increase from 90,000 sets in 2023, indicating strong growth in the hybrid vehicle sector [2][5] - **Financial Performance**: For the first half of 2025, the company reported a gross margin of 26.7% and a net margin close to 16%. R&D expenses remained stable at around 5%, while the overall expense ratio decreased to 10% from 12% in previous years, showcasing cost reduction and efficiency improvements [2][7] - **Future Profit Projections**: The company anticipates a quarterly growth rate exceeding 60% in Q3 2025, with annual profit forecasts nearing 400 million yuan in 2025 and 530 million yuan in 2026, despite a slowdown in growth rates [2][11] Emerging Fields and Strategic Partnerships - **Expansion into Robotics and Other Sectors**: Longyuan Donggu is actively entering emerging fields such as robotics, large-bore engines, and low-altitude engines, establishing joint ventures with Yuchai to serve data centers and marine engine markets [2][6] - **Robotics Development**: The company leverages its precision manufacturing capabilities to develop key modules like robotic arms and dexterous hands, supported by high-end processing equipment [6][9][13] Shareholder Structure and Decision-Making - **Stable Shareholder Structure**: The largest shareholder, Li Zuoyuan, holds a 40% stake, which contributes to a smooth decision-making process and clear strategic direction, enhancing investor confidence [2][10] Additional Insights - **Market Positioning with Seres**: While Longyuan Donggu has established a strong position with BYD, its association with Seres in the hybrid sector is less pronounced, presenting a potential area for future growth [3][12] - **Valuation and Investment Potential**: The current valuation is approximately 21-22 times earnings, with a PEG ratio of less than 1, indicating potential for valuation improvement [2][11]

Group 1 - The core viewpoint of the news is that Changyuan Donggu has seen a stock price increase of 5.04%, reaching 37.50 CNY per share, with a total market capitalization of 12.155 billion CNY [1] - The company, founded on December 19, 2001, and listed on May 26, 2020, specializes in the research, production, and sales of diesel engine components [1] - The main revenue composition of the company includes cylinder blocks (55.32%), cylinder heads (34.97%), connecting rods (5.61%), and other products (2.11% and 1.98%) [1] Group 2 - From the perspective of fund holdings, a fund under Changjiang Asset Management has a significant position in Changyuan Donggu, with 16,000 shares held, accounting for 3.19% of the fund's net value [2] - The fund, Changjiang Changhong Mixed Initiation A (019472), has a total scale of 11.6568 million CNY and has achieved a year-to-date return of 20.19% [2] - The fund manager, Xiang Zhihui, has been in position for 1 year and 343 days, with the best fund return during this period being 9.55% [3]

证券代码：603950 证券简称：长源东谷 公告编号：2025-035 襄阳长源东谷实业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 会议召开时间：2025 年 10 月 10 日下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 襄阳长源东谷实业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年半年度报告。 为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况， 公司计划于2025年10月10日下午16:00-17:00召开 2025年半年度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度的经营成 会议召开时间：2025 年 10 月 10 日(星期五)下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 ...

Company Overview - Changyuan Donggu is located in Xiangyang, Hubei Province, and was established on December 19, 2001. The company was listed on May 26, 2020. Its main business involves the research, production, and sales of diesel engine components [1] - The revenue composition of the company includes: cylinder blocks 55.32%, cylinder heads 34.97%, connecting rods 5.61%, and other products 4.09% [1] Stock Performance - On September 25, Changyuan Donggu's stock fell by 5.17%, closing at 36.51 CNY per share, with a trading volume of 224 million CNY and a turnover rate of 1.85%. The total market capitalization is 11.834 billion CNY [1] Fund Holdings - According to data, one fund under China Merchants Asset Management holds a significant position in Changyuan Donggu. The fund, China Merchants Core Advantage Mixed D (880006), held 27,700 shares in the second quarter, accounting for 2.26% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 55,100 CNY [2] - The fund was established on January 23, 2025, with a latest scale of 12.2702 million CNY and has achieved a return of 24.3% since inception [2] Fund Manager Information - The fund manager of China Merchants Core Advantage Mixed D is Li Chuan. As of the report, Li has been in the position for 246 days, managing total assets of 30.7199 million CNY. The best fund return during his tenure is 22.88%, while the worst return is -0.02% [3]

Group 1 - The core point of the news is the performance and financial metrics of Changyuan Donggu, which saw a stock price increase of 5.02% to 38.67 CNY per share, with a trading volume of 240 million CNY and a market capitalization of 12.534 billion CNY [1] - Changyuan Donggu, established on December 19, 2001, and listed on May 26, 2020, specializes in the research, production, and sales of diesel engine components, with revenue composition being 55.32% from cylinder blocks, 34.97% from cylinder heads, 5.61% from connecting rods, and 2.11% from other supplementary products [1] Group 2 - From the perspective of fund holdings, Guangfa Fund has a significant position in Changyuan Donggu, with Guangfa Shengjin Mixed A (012526) holding 2.1001 million shares, representing 4.13% of the fund's net value, making it the fifth-largest holding [2] - Guangfa Shengjin Mixed A has a total scale of 1.218 billion CNY and has achieved a year-to-date return of 19.36%, ranking 4370 out of 8173 in its category, while its one-year return is 30.83%, ranking 4968 out of 7996 [2]

Market Overview - The Shanghai Composite Index decreased by 0.2%, while the CSI 300 fell by 0.1%. The STAR Market 50 also dropped by 0.1%, and the CSI 1000 saw a decline of 1.1%. Conversely, the ChiNext Index increased by 0.2%, and the Hang Seng Index decreased by 0.7% [4][3]. - The best-performing sectors included banking (+1.5%), coal (+1.1%), electric equipment (+0.4%), public utilities (+0.4%), and home appliances (+0.1%). The worst-performing sectors were social services (-3.1%), retail (-2.9%), computers (-2.4%), comprehensive (-2.1%), and steel (-2.0%) [4][3]. - The total trading volume in the Shanghai and Shenzhen markets was 24,944 billion yuan, with a net outflow of 4.07 billion Hong Kong dollars from southbound funds [4][3]. Key Recommendations - The report focuses on Changyuan Donggu (603950), highlighting its main business driven by hybridization and its significant expansion into robotics as a new growth point [2]. - The recommendation logic emphasizes that embodied intelligence is driving industry transformation, with the company strategically positioning itself in key robotic components [5]. - The company’s progress in supplying BYD and Seres with hybrid vehicle cylinder blocks and cylinder heads has been stable, with rapid sales growth in these products [5]. - The company is advancing the development of high-performance core modules such as dexterous hands and robotic arms [5]. - Revenue projections for 2025-2027 are estimated at 2,567.68 million yuan, 3,224.17 million yuan, and 3,901.31 million yuan, with growth rates of 33.76%, 25.57%, and 21.00% respectively. Net profit is projected to be 395.75 million yuan, 531.44 million yuan, and 676.48 million yuan, with growth rates of 71.79%, 34.29%, and 27.29% respectively [5]. - The company has become a strategic supplier for Yuchai, providing cylinder blocks and cylinder heads suitable for large-bore diesel engines [5].

Core Points - Changyuan Donggu's stock price increased by 0.84%, reaching a new high of 37.4 yuan per share [1] - The company's total market capitalization surpassed 12.122 billion yuan [1] - The trading volume amounted to 7.2069 million yuan [1]

Market Performance - The integrated die-casting concept rose by 3.12%, ranking fourth among concept sectors, with 43 stocks increasing in value [1] - Notable gainers included Meilixin with a 20% limit-up, Rongtai Co., Changyuan Donggu, and Aikedi, all hitting the limit-up as well [1] - Leading stocks in terms of percentage increase included Xusheng Group, Top Group, and Duoli Technology, which rose by 8.29%, 7.67%, and 6.42% respectively [1] Capital Flow - The integrated die-casting sector saw a net inflow of 1.523 billion yuan, with 32 stocks receiving net inflows from major funds [2] - Top Group led the net inflow with 498 million yuan, followed by Huichuan Technology, Shengli Precision, and Genesis with net inflows of 331 million yuan, 227 million yuan, and 143 million yuan respectively [2] - Stocks with the highest net inflow ratios included Changyuan Donggu, Shengli Precision, and Furan De, with ratios of 15.55%, 14.57%, and 13.14% respectively [3] Stock Performance - Top Group had a daily increase of 7.67% with a turnover rate of 6.92% and a net inflow of 497.98 million yuan [3] - Huichuan Technology increased by 4.17% with a net inflow of 331.37 million yuan and a turnover rate of 3.41% [3] - Other notable performers included Aikedi with a 9.99% increase and a net inflow ratio of 13.07%, and Xusheng Group with an 8.29% increase and a net inflow ratio of 7.53% [3]

Core Viewpoint - The heavy truck industry is experiencing significant growth, with wholesale sales reaching approximately 87,000 units in August 2025, marking a year-on-year increase of about 40% and a month-on-month rise of 2% from July, making it the second highest figure for the same period in the past eight years [1][2]. Market Performance - The domestic market is benefiting from the "old-for-new" policy, leading to a remarkable year-on-year growth of about 50% in heavy truck sales during the traditionally slow month of August [2][3]. - Cumulatively, from January to August 2025, heavy truck sales reached approximately 711,000 units, reflecting a year-on-year increase of about 14%, with expectations for annual sales to exceed 1 million units [2][3]. Segment Analysis - The demand for natural gas heavy trucks has rebounded significantly, with a month-on-month increase of over 15% and a year-on-year increase of over 30% in August, restoring the domestic penetration rate to around 26%-27% [3]. - The electric heavy truck segment is also showing strong momentum, with expected sales exceeding 16,000 units in August and a penetration rate potentially surpassing 27%, marking a historical high [3]. Company Performance - China National Heavy Duty Truck Group (China National Heavy Truck) maintained its position as the sales leader with a monthly sales figure of 22,000 units, a year-on-year increase of about 29% [4]. - FAW Jiefang (FAW Liberation) achieved monthly sales of approximately 16,500 units, up about 36% year-on-year, while Dongfeng Motor reported a monthly sales figure of about 15,000 units, with a year-on-year increase of approximately 52% [4]. - Foton Motor exhibited the largest year-on-year growth among major companies, with a monthly sales figure of about 12,600 units, reflecting a year-on-year increase of approximately 175% [4]. Investment Outlook - The heavy truck industry is expected to maintain a high level of activity, with sales anticipated to continue rising from September to December, leading to significant revenue and profit growth for related companies [5]. - Beneficiary companies include China National Heavy Truck (000951.SZ), Weichai Power (000338.SZ), Foton Motor (600166.SH), FAW Jiefang (000800.SZ), Tianrun Industrial (002283.SZ), Changyuan Donggu (603950.SH), and Zhongyuan Neipei (002448.SZ) [5].