执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 汽车零部件 Email：caixh@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 202.82 | | 流通股本(百万股) | 199.72 | | 市价(元) | 37.96 | | 市值(百万元) | 7,699.00 | | 流通市值(百万元) | 7,581.19 | 执业证书编号：S0740524060004 1、《25Q1 业绩超预期，静待固态电 池产业化落地》2025-05-04 2、《24 年业绩基本符合预期，加快 推进固态电池业务》2025-04-04 3、《汽车后市场出海先锋，积极打 造固态电池第二成长级》2025-01-15 25Q3 业绩基本符合预期，积极推进固态电池与机器人零部件业务 ——冠盛股份 2025 年三季报点评 股价与行业-市场走势对比 事件：公司发布 2025 年三季报。2025 年三季度，公司实现营业收入 31.22 亿元、同 比+8.06%，归母净利润 2.25 亿元、同比+1.92%；单三季度，公司实现营业收入 10. ...

Core Insights - The company reported steady growth in its operations for Q3 2025 and the first three quarters, with a focus on expanding into new fields such as solid-state batteries and key components for robots, aiming to transform traditional business scenarios and inject new momentum for long-term development [1][4] Financial Performance - In Q3 2025, the company achieved operating revenue of 1.088 billion yuan, a year-on-year increase of 7.78% [1] - Cumulative operating revenue for the first three quarters reached 3.122 billion yuan, reflecting a year-on-year growth of 8.06% [1] - The total profit for Q3 was 66.7663 million yuan, up 1.37% year-on-year [1] - Total profit for the first three quarters amounted to 255 million yuan, marking a year-on-year increase of 2.97% [1] Business Development Strategy - The company employs a "dual-wheel drive" strategy, focusing on both traditional automotive aftermarket parts and actively expanding into new business areas [2] - In the traditional business segment, the company leverages a marketing network covering over 120 countries, enhancing brand and service advantages [2] - The North American market has shown significant growth, with a year-on-year increase of 18.75% in the first half of the year [2] - The company adopts a "self-manufacturing + outsourcing" strategy for supply chain management, ensuring efficiency and resilience in the supply chain [2] New Business Ventures - The establishment of Shanghai Jias Robotics Technology Co., Ltd. marks the company's entry into the key components for robots sector, focusing on the research and development of integrated joint modules and related software and hardware [3] - The company is also involved in the solid-state battery sector, with a factory expected to begin production in early 2026, targeting high-safety markets such as communication base stations and energy storage [3] Future Outlook - The company anticipates that the integration of new businesses will not only broaden its operational boundaries but also drive transformation in traditional businesses, creating significant growth opportunities [4] - Inclusion in the Shanghai-Hong Kong Stock Connect list is expected to further enhance revenue and profit growth as new businesses are gradually launched [4]

Group 1 - Crown Holdings (605088.SH) reported its Q3 2025 results on October 25, 2025, with a total of 8 institutional investors disclosing their holdings, amounting to 42.4879 million shares, which represents 20.95% of the total share capital [1] - The institutional investors include ALPHA HOLDING VENTURES LIMITED, NEW FORTUNE INTERNATIONAL GROUP LTD., and several mutual funds, with the total institutional holding percentage decreasing by 3.43 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there were 3 public funds that increased their holdings compared to the previous period, with an increase rate of 0.61% [2] - A total of 118 public funds did not disclose their holdings in this period, including funds like Yongying Advanced Manufacturing Select Mixed Fund A and Invesco Great Wall Core Selection Mixed Fund A [2]

Core Insights - Guansheng Co., Ltd. reported a revenue of 1.088 billion yuan for Q3 2025, marking a year-on-year increase of 7.78%, with a net profit attributable to shareholders of 63.0372 million yuan [1] - For the first three quarters of 2025, the company achieved a total revenue of 3.122 billion yuan, reflecting a year-on-year growth of 8.06% [1] Company Developments - In October 2025, Guansheng's wholly-owned subsidiary, Shanghai Jias Robotics Technology Co., Ltd., was established with a registered capital of 20 million yuan, focusing on the R&D and application of core components for intelligent robots [1] - The company aims to transition from being a comprehensive service provider for automotive parts to a provider of intelligent robot solutions, leveraging its core technologies [2] - Guansheng has initiated a project for semi-solid lithium iron phosphate batteries, which is expected to reach production capacity by mid-2026, with an annual output of 2.1 million battery cells and systems [2] - The semi-solid battery project is anticipated to significantly advance the industrialization of semi-solid batteries, positioning the company as a leader in this sector [2]

Group 1 - The company reported a third-quarter revenue of 1.088 billion yuan, representing a year-on-year growth of 7.78% [1] - The net profit attributable to shareholders of the listed company was 63.0372 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 56.8155 million yuan [1] - The basic earnings per share were 0.32 yuan [1]

Group 1 - Company Guansheng Co., Ltd. reported a revenue of approximately 3.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.06% [1] - The net profit attributable to shareholders of the listed company was approximately 225 million yuan, showing a year-on-year increase of 1.92% [1] - As of the report date, Guansheng Co., Ltd. has a market capitalization of 7.8 billion yuan [2]

温州市冠盛汽车零部件集团股份有限公司 2025 年第三季度报告 证券代码：605088 证券简称：冠盛股份 温州市冠盛汽车零部件集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 | 经营活动产生的现金流 | 不适用 | 不适用 | 188,818,844.39 | 不适用 | | --- | --- | --- | --- | --- | | 量净额 | | | | | | 基本每股收益（元/股） | 0.32 | -8.57 | 1.23 | -4.65 | | 稀释每股收益（元/股） | 0.35 | | - 1.23 | -4.65 | | 加权平均净资产收益率 （%） | 2.03 | -0.77 | 8.27 | -1. ...

Core Insights - Shanghai Jais Robotics Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on the research and development of intelligent robots and related artificial intelligence technologies [1] Company Information - The company is wholly owned by Guansheng Co., Ltd. (605088) [1] - The legal representative is Wang Junli, and the company was registered on October 21, 2025 [2] - The organization code is 310112003686385, and the business license number is MAG1F9WA-9 [2] Business Scope - The business scope includes intelligent robot research and development, sales of intelligent robots, sales of artificial intelligence hardware, development of basic artificial intelligence software, and provision of artificial intelligence resources and technology platforms [1][2] - Additional services include technical consulting, technology transfer, and various manufacturing activities related to robotics and electronic components [2]

生及社 2025 年 10 月 21 日 时发 行业 相关研究 送研究报 证券分析师 載文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com F SEER V BER 周一刻钟, 大事快评 (W128) 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 比亚迪：Q3 销量 111 万台，预计 Q3 盈利约 85 亿，单车盈利回至 8 千元上下。 ● 吉利：Q3 销量环比增长，中高端车型销量提升，预计 Q3 利润 35 亿元左右。 ● ● 蔚来：Q3 销量 8.7 万台，乐道贡献主要销量，毛利率或改善。Q3 亏损预计在 25 亿元 左右。 ● 上汽集团：Q3 自主品牌与海外销售良好，Q3 利润预计在 35 亿元上下。 ● 冠盛股份：业务受海外不稳定性影响。 预计 Q3 利润同比增幅在 20%左右。 ● 优信： Q3 销量同比增 130%。门店盈亏优于预期，Q3 有望 EBITDA ...

温州市冠盛汽车零部件集团股份有限公司 关于召开 2025 年第三季度业绩说明会的预告公告 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个别及连带责任。 重要内容提示： 温州市冠盛汽车零部件集团股份有限公司（以下简称"公司"）将于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地 了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 10 月 27 日下午 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进 行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度经营 成果及财务指标的具体情况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、说明会召开的时间、地点 会议召开时间：2025 年 10 月 27 日下午 16:00-17:00 证券代码：605088 证券简称：冠盛股份 公告编号：2025-100 四、投资者参加方式 1、投资者可在 2025 年 ...