Group 1: Report General Information - Report date: August 29, 2025 [1] - Research industry: Automotive parts [2] - Research object: Hexing Co., Ltd. [17] - Reception time: 2025 - 08 - 29 [17] - Company reception staff: Chairman and General Manager Wang Hongzhi, Director, Board Secretary and Chief Financial Officer Zhou Ruzhong, Independent Directors Qiu Yawen and Wang Zhe [17] Group 2: Core Views - The company's German production base is expected to be completed around mid - 2026, aiming to serve European customers and form synergy with domestic industries [24] - In the first half of 2025, the company's revenue increased by 5.13% year - on - year, but net profit decreased due to factors such as increased depreciation of the Jiaxing plant and salary expenses for personnel reserve [26] - As new projects are implemented and capacity utilization increases, cost pressure will gradually ease, and net profit is expected to return to positive growth [27] - To improve product gross profit and net profit, the company will focus on high - value product R & D, expand business channels, and strengthen cost control [28] Group 3: Specific Content Summary 1. German Production Base Progress - In the first half of 2025, the main framework of the German production base's infrastructure project was basically completed, and it is expected to be completed around mid - 2026, mainly serving European customers [24][25] 2. Jiaxing and German Project Status - The Jiaxing project was put into trial production at the end of 2024, and some decoration projects are in progress. The German project started construction in the second half of 2024, and the main framework was basically completed in the first half of 2025 [24][25] 3. Revenue and Profit in the First Half of 2025 - The company achieved operating revenue of 867.78 million yuan, a year - on - year increase of 5.13%; net profit attributable to shareholders of listed companies was 106.80 million yuan, a year - on - year decrease of 16.98%; net profit after deducting non - recurring gains and losses was 103.38 million yuan, a year - on - year decrease of 14.6% [26] 4. Impact Factors and Solutions for Profit - The decline in profit is due to increased depreciation of the Jiaxing plant and salary expenses for personnel reserve. As new projects are implemented, cost pressure will ease, and the company will also optimize the supply chain and improve production efficiency [26][27] 5. Gross and Net Profit Margin Decline - In the first half of 2025, the gross profit margin was 31.67%, a year - on - year decrease of 2.21 percentage points; the net profit margin was 12.31%, a year - on - year decrease of 3.28 percentage points. The decline is due to customer price cuts and new projects not reaching scale [27][28] 6. Measures to Improve Profitability - The company will focus on high - value product R & D, expand business channels, and strengthen cost control from raw material procurement, production consumption, and expense expenditure [28] 7. Experience and Technical Advantages in Insert Molding - The company has obtained 31 patents related to insert molding, with full - link technical advantages in design, trial - molding, production, and experience inheritance, including simulation analysis database, scientific trial - molding methods, fully automated production line development, and experience library and design standards [28][29]

证券代码：605005 证券简称：合兴股份 公告编号：2025-030 合兴汽车电子股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 2025 年 8 月 29 日下午 13:00-14:00，公司董事长兼总经理汪洪志先生，董 事、董事会秘书兼财务总监周汝中先生，独立董事邱雅雯女士，独立董事王哲先 生出席了本次业绩说明会，就公司主营业务、经营业绩等方面与投资者进行互动 交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、投资者提出的主要问题及公司的回答情况 公司对投资者在本次业绩说明会上提出的问题及预征集的问题给予了回复， 现将主要问题及回复整理如下： 问题 1：公司的德国生产基地进展介绍，预计何时能够投产？投产后预计效 益如何？ 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。 合兴汽车电子股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日下午 13：00-14：00 在上海证券交易所上证路演中心（https://roadshow.sseinfo.com） 以网络文字互动形式召 ...

Core Viewpoint - The financial performance of Hexing Co., Ltd. (605005) for the first half of 2025 shows a mixed result, with revenue growth but a significant decline in net profit and cash flow metrics. Financial Performance Summary - Total revenue for the first half of 2025 reached 868 million yuan, an increase of 5.13% year-on-year [1] - Net profit attributable to shareholders was 107 million yuan, a decrease of 16.98% year-on-year [1] - The gross profit margin was 31.67%, down 6.35% from the previous year [1] - The net profit margin was 12.31%, reflecting a decline of 21.03% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 90.6 million yuan, accounting for 10.44% of revenue, an increase of 13.45% year-on-year [1] - Earnings per share decreased to 0.27 yuan, down 15.62% year-on-year [1] Cash Flow and Receivables - Operating cash flow per share was 0.23 yuan, a significant decrease of 56.6% year-on-year [1] - Accounts receivable increased to 492 million yuan, representing a 20.84% rise year-on-year, with accounts receivable to net profit ratio reaching 185.16% [1][17] Changes in Financial Items - Cash and cash equivalents decreased by 25.6% to 174 million yuan due to extended collection periods and capital expenditures for new facilities [1] - Short-term borrowings increased by 133.12% due to additional bank loans [4] - Other receivables surged by 625.71% due to an increase in tax refunds receivable [2] - Contract liabilities decreased by 65.22% due to reduced advance payments from customers [6] Investment and Operational Insights - The company invested significantly in its German production base, leading to a 34.5% increase in construction in progress [3] - Management expenses rose by 31.72% due to increased depreciation and personnel costs related to new projects [10] - The company’s return on invested capital (ROIC) was 13.64%, indicating strong capital returns [16]

外资态度来看，本期较上一季未再披露的外资机构即香港中央结算有限公司。 2025年8月22日，合兴股份(605005.SH)发布2025年半年度报告。截至2025年8月21日，共有2个机构投资 者披露持有合兴股份A股股份，合计持股量达3.08亿股，占合兴股份总股本的76.76%。其中，机构投资 者包括合兴集团有限公司、香港中央结算有限公司，机构投资者合计持股比例达76.76%。相较于上一 季度，机构持股比例合计下跌了0.08个百分点。 ...

Core Viewpoint - The company, Hexing Automotive Electronics Co., Ltd., is set to hold a half-year performance briefing on August 29, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [6][7]. Group 1: Company Overview - The company is identified by the stock code 605005 and is referred to as Hexing Automotive Electronics [5]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the half-year report [1][5]. Group 2: Financial Data and Shareholder Information - The half-year report is not audited [3]. - There are no significant changes in the major shareholders or the company's controlling shareholder during the reporting period [2][4]. Group 3: Important Events - The company will conduct an interactive online performance briefing to address common investor concerns regarding its financial performance and operational results [6][7]. - Investors can submit questions for the briefing from August 22 to August 28, 2025 [8][9].

Core Viewpoint - The report highlights the financial performance and operational developments of CWB Automotive Electronics Co., Ltd. for the first half of 2025, indicating stable revenue growth but a decline in net profit due to increased costs and investments in new projects [1][9]. Company Overview and Financial Indicators - CWB Automotive Electronics Co., Ltd. reported a revenue of approximately 867.78 million yuan, a 5.13% increase compared to the same period last year [2][15]. - The total profit for the period was approximately 116.77 million yuan, reflecting an 18.92% decrease year-on-year [2][15]. - The net profit attributable to shareholders was approximately 106.80 million yuan, down 16.98% from the previous year [2][15]. - The net cash flow from operating activities decreased by 56.60% to approximately 93.09 million yuan [2][15]. - The company's total assets increased by 1.30% to approximately 2.49 billion yuan, while net assets attributable to shareholders rose by 2.16% to approximately 1.99 billion yuan [2][15]. Industry Overview - The automotive industry in China experienced a positive trend in the first half of 2025, with vehicle production and sales increasing by 12.5% and 11.4%, respectively [3][4]. - The new energy vehicle sector saw significant growth, with production and sales increasing by 41.4% and 40.3%, respectively, accounting for 44.3% of total new vehicle sales [3][4]. - The connector market is projected to grow, with the global market expected to reach 112.4 billion USD by 2025, driven by technological advancements and increased demand [4][5]. Business Operations - CWB focuses on automotive electronics and consumer electronics, with a strong emphasis on R&D and product innovation [5][6]. - The company has established long-term partnerships with major automotive suppliers, enhancing its market position [6][9]. - The production model is primarily based on "sales-driven production," allowing for flexibility and efficiency in meeting customer demands [7][8]. Research and Development - The company has a robust R&D team, with recent innovations leading to the development of new products in the automotive sector, particularly in new energy and intelligent driving systems [10][11]. - CWB has filed for several new patents, indicating a commitment to innovation and maintaining a competitive edge in the industry [10][11]. Future Outlook - The company is expanding its production capabilities with new facilities in Jiaxing and Germany, aimed at enhancing its global presence and responsiveness to market demands [11][12]. - CWB is optimistic about future growth despite current profit pressures, focusing on strategic investments and market expansion [10][12].

Group 1 - The core viewpoint of the report indicates that the company, Hexing Automotive Electronics Co., Ltd., has experienced a slight increase in total assets and a rise in operating income, but a significant decline in total profit and net profit attributable to shareholders [2][3]. Group 2 - As of the end of the reporting period, the total assets amounted to approximately 2.49 billion RMB, reflecting a 1.30% increase compared to the end of the previous year [2]. - The operating income for the reporting period was approximately 867.78 million RMB, which represents a 5.13% increase compared to the same period last year [2]. - The total profit for the reporting period was approximately 116.77 million RMB, showing an 18.92% decrease compared to the previous year [2]. - The net profit attributable to shareholders was approximately 103.38 million RMB, which is a 14.60% decrease compared to the same period last year [2]. - The weighted average return on net assets and basic/diluted earnings per share data were not provided in the excerpts [2]. Group 3 - The company has a total of 15,998 shareholders as of the end of the reporting period [2]. - The largest shareholder, Hexing Group Co., Ltd., holds 76.50% of the shares, amounting to approximately 306.77 million shares [3]. - Other significant shareholders include Chen Wenbao with 8.38% and Chen Wenyin with 1.39% [3].

证券日报网讯 8月21日晚间，合兴股份发布公告称，2025年上半年公司实现营业收入867，779，612.90 元，同比增长5.13%。 （文章来源：证券日报） ...

Core Viewpoint - Hexing Co., Ltd. (605005) announced that it will hold a semi-annual performance briefing on August 29, 2025, from 13:00 to 14:00 [1] Company Information - The performance briefing is scheduled to provide insights into the company's financial performance for the first half of 2025 [1] - The event will take place on a Friday, indicating a strategic choice for investor engagement [1]

智通财经APP讯，合兴股份(605005.SH)发布2025年半年度报告，报告期内，公司实现营业收入8.68亿 元，同比增长5.13%。实现归属于上市公司股东的净利润1.07亿元，同比下降16.98%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.03亿元，同比下降14.60%。基本每股收益0.27元。 ...