证券代码：605018 证券简称：长华集团 公告编号：2025-045 长华控股集团股份有限公司 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。 长华控股集团股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日（星 期二）下午 15:00-16:00 通过"价值在线"（www.ir-online.cn）以网络互动的 方式召开了 2025 年半年度业绩说明会。现将有关事项公告如下： 一、说明会召开情况 归母净利润 0.27 亿元，同环比 +55.95%/+291.19% ；扣 非 归 母 净 利 润 0.21 亿元 ， 同 环 比+54.43%/+531.71%。主要系新能源业务持续增长，客户 结构持续优化，以及新业务的加速布局，打造了第二增长曲线。 随着 IPO 及非公开发行募投项目陆续投产，广东、武汉、宁波等生产基地产 能逐步释放，产业布局持续优化，能够有效增强近地化配套与整体交付能力，为 承接新订单、提升产能利用率奠定坚实基础。同时，公司不断加大在新能源领域 的 ...

Core Viewpoint - The company has successfully tested its new planetary roller screw samples, achieving excellent overall indicators and maintaining communication with domestic robotics teams for further product development [1] Group 1: Product Performance - The tested core technical indicators for transmission efficiency of multiple batches are as follows: 85.32%, 86.06%, 86.32%, 82.12%, 82.75%, and 83.06%, positioning the company at a leading level in the industry [1] Group 2: Production Plans - The company has completed the design for the planetary roller screw production line on the newly acquired land in Hangzhou Bay, with a planned annual output of 200,000 sets for the first phase, which will commence construction soon [1]

Core Viewpoint - Longhua Group (605018.SH) announced a change in shareholder equity, including a reduction in shareholding by major shareholders Ningbo Changhong and Ningbo Jiuer, leading to a total reduction of 8,145,200 shares, amounting to 101,447,525 yuan [1][3][4]. Shareholder Reduction Summary - Ningbo Changhong reduced its holdings by 5,289,000 shares from July 9, 2025, to September 8, 2025, representing 1.1224% of the total share capital, with a total reduction amount of 65,897,959 yuan [2][3]. - The reduction price range for Ningbo Changhong was between 10.90 yuan/share and 13.57 yuan/share [2]. - Ningbo Jiuer reduced its holdings by 2,856,200 shares during the same period, accounting for 0.6061% of the total share capital, with a total reduction amount of 35,549,566 yuan [3]. - The reduction price range for Ningbo Jiuer was between 10.90 yuan/share and 13.54 yuan/share [3]. Company Background - Longhua Group was listed on the Shanghai Stock Exchange on September 29, 2020, with an initial issuance of 41,680,000 shares at a price of 9.72 yuan/share, raising a total of 40,512.96 million yuan [4]. - The actual net fundraising amount after deducting issuance costs was 36,588.05 million yuan, which was 1,702.43 million yuan less than the planned amount [4]. - The company had planned to raise 38,290.48 million yuan for various projects, including the construction of an automotive welding parts production base and technology upgrades [4][5]. Fundraising Details - The total fundraising from the two rounds of issuance amounted to 1.165 billion yuan [6]. - In 2022, the company conducted a non-public offering of 51,806,353 shares at a price of 14.67 yuan/share, raising a total of 759,999,198.51 yuan, with a net amount of 752,972,966.10 yuan after deducting issuance costs [5].

减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 证券代码：605018 证券简称：长华集团 公告编号：2025-044 长华控股集团股份有限公司 持股 5%以上股东权益变动触及 1%刻度、提前终止 2025 年 5 月 24 日，公司于上海证券交易所网站（www.sse.com.cn）披露了 《关于股东减持股份计划的公告》（公告编号：2025-021）。因公司平台人员自身 资金需求，宁波长宏与宁波久尔拟通过集中竞价和大宗交易的方式减持公司股份 不超过 14,100,000 股，合计减持不超过公司股份总数的 3%。减持期间为减持计 划公告披露之日起 15 个交易日后的 3 个月内。 2025 年 9 月 8 日，公司收到宁波长宏与宁波久尔出具的《关于权益变动触 及 1%、提前终止减持计划暨减持股份结果的告知函》，在本次减持计划期间，宁 波长宏通过集中竞价交易、大宗交易方式累计减持公司股份 5,289,000 股，约占 公司总股本的 1.1224%。宁波久尔通过集中竞价交易、大宗交易方式累计减 ...

Group 1 - Changhua Group's stock rose by 2.03%, closing at 12.09 yuan on September 8 [1] - Two block trades occurred, totaling 380,000 shares and a transaction amount of 4.142 million yuan [1] - The first trade was at a price of 10.90 yuan for 190,000 shares, with a transaction amount of 2.071 million yuan and a premium rate of -9.84% [1] - The second trade was identical to the first, also at 10.90 yuan for 190,000 shares and a transaction amount of 2.071 million yuan, with the same premium rate [1] Group 2 - In the last three months, Changhua Group has had a total of 10 block trades, with a cumulative transaction amount of 36.0796 million yuan [1] - Over the past five trading days, the stock has increased by 0.33%, while the main capital has seen a net outflow of 16.3898 million yuan [1]

长华控股集团股份有限公司 2025 年第一次临时股东会会议材料 证券代码：605018 2025 年 9 月 长华集团 2025 年第一次临时股东会会议材料 目 录 | 一、2025 年第一次临时股东会会议须知 3 | | --- | | 二、2025 年第一次临时股东会议程 5 | | 三、2025 年第一次临时股东会会议议案 7 | | 议案一、关于取消监事会及修订《公司章程》并办理工商变更登记的议案 ... 7 | | 议案二、关于修订《股东会议事规则》的议案 51 | | 议案三、关于修订《董事会议事规则》的议案 52 | | 议案四、关于修订《独立董事工作制度》的议案 53 | | 议案五、关于修订《关联交易管理制度》的议案 54 | | 议案六、关于修订《对外担保决策制度》的议案 55 | | 议案七、关于修订《募集资金管理制度》的议案 56 | | 议案八、关于修订《对外投资管理制度》的议案 57 | | 议案九、关于修订《董事、高级管理人员薪酬、津贴管理制度》的议案 58 | | 议案十、关于修订《防范控股股东及关联方占用公司资金管理制度》的议案 59 | | 议案十一、关于修订《会计师事务所 ...

Group 1 - Multiple automotive parts companies in China have recently disclosed project designations, indicating a rising trend in the industry [1][2] - The project designations reflect a shift from traditional procurement methods to a focus on unique product offerings, highlighting the industry's pursuit of differentiation [1][2] - Zhejiang Jingu Co., Ltd. has received several project designations since August, including a third order from a major passenger car manufacturer for a new generation of low-carbon wheels [1][3] Group 2 - Changhua Group has secured project designations in the key metal structural components sector, with a total expected sales amount of approximately 1.9 billion yuan over an 8-year lifecycle [2] - The recent project designations are driven by the rapid growth of the new energy vehicle market, prompting automakers to accelerate product iterations and capacity expansions [2][4] - Ningbo Yibin Electronic Technology Co., Ltd. received a project designation for automotive components related to new energy vehicles, with an expected total sales amount of about 2.43 billion yuan over a 5-year lifecycle [3]

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to recover, and new business layouts are accelerating to open a second growth curve [1] - The company achieved a total revenue of 9.50 billion yuan in the first half of 2025, a year-on-year decrease of 17.77%, while the net profit attributable to the parent company was 330 million yuan, down 46.14% year-on-year [8] - The company is actively expanding into new fields such as humanoid robots and low-altitude economy, with significant orders received [8] - The company maintains a strong focus on R&D, having obtained 276 patents, including 39 invention patents as of the first half of 2025 [8] - The company is expected to achieve revenues of 26.2 billion yuan, 30.1 billion yuan, and 34.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.5 billion yuan, 1.8 billion yuan, and 2.5 billion yuan [8] Financial Summary - Total revenue for 2023 is projected at 2,422 million yuan, with a year-on-year growth of 31.96% [1] - The net profit attributable to the parent company for 2023 is estimated at 109.22 million yuan, showing a slight decrease of 0.27% year-on-year [1] - The latest diluted EPS for 2025 is projected to be 0.31 yuan per share, with a P/E ratio of 38.41 [1] - The company’s gross margin for Q2 2025 is reported at 14.63%, with a net profit margin of 5.04% [8] - The company’s total assets are projected to reach 3,852 million yuan by 2025, with total liabilities of 975 million yuan [9]

Core Viewpoint - Longhua Group reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 950 million yuan, a decrease of 17.77% year-on-year [1] - Net profit attributable to shareholders was 33.36 million yuan, down 46.14% year-on-year [1] - In Q2 2025, total revenue was 527 million yuan, a decline of 7.43% year-on-year, while net profit increased by 55.95% to 26.57 million yuan [1] - Gross margin improved to 13.49%, up 13.09% year-on-year, while net margin decreased to 3.51%, down 34.5% year-on-year [1] - Total operating expenses were 52.69 million yuan, accounting for 5.55% of revenue, an increase of 17.14% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable reached 322 million yuan, representing 282.82% of the latest annual net profit [1] - Operating cash flow per share was 0.24 yuan, a decrease of 56.6% year-on-year [1] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 4.02% last year, indicating weak capital returns [3] - Historical data shows a median ROIC of 11.23% since the company went public, with the worst year being 2023 at 3.87% [3] Strategic Focus and Market Development - The company aims to strengthen its core business while expanding partnerships with customers and exploring new applications in sectors like photovoltaics and energy storage [5] - The company has secured over 1 billion yuan in new contracts in 2025, with total new contracts exceeding 2 billion yuan [5] - Ongoing capital projects are expected to enhance production capacity and operational efficiency in the future [5]