证券代码：605151 证券简称：西上海 公告编号：2025-044 西上海汽车服务股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： （http://roadshow.sseinfo.com） 会议召开方式：网络图文互动 投资者可于 2025 年 9 月 16 日(星期二)至 9 月 22 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过西上海汽车服务股份有 限公司（以下简称"公司"）投资者关系邮箱 servicesh@wsasc.com.cn 进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 公司于 2025 年 8 月 27 日在上海证券交易所网站（www.sse.com.cn）披露公 司《2025 年半年度报告》。为了便于广大投资者更全面、深入地了解公司 2025 年半年度业绩和经营情况，公司计划于 2025 年 9 月 23 日(星期二)16:00-17:00 召开 2025 年半年度业绩说明会，就投资 ...

Core Viewpoint - The company reported a revenue of 830 million yuan for the first half of 2025, marking a year-on-year growth of 30.10%, indicating a positive performance amidst industry challenges and transformation pains [1] Group 1: Financial Performance - The net profit attributable to shareholders, after deducting non-recurring gains and losses, showed significant improvement compared to the first quarter, laying a solid foundation for the company's annual development [1] Group 2: Strategic Initiatives - The company focused on "new projects, new production lines, and new layouts," successfully expanding over 50 new projects with an estimated annual sales exceeding 500 million yuan, and enhancing production capacity through the establishment of new production lines [2] - A new production base was established in Fuzhou for component manufacturing, further improving the regional capacity collaboration network [2] Group 3: Operational Improvements - The company implemented a "100-day action plan" aimed at turning losses into profits and enhancing quality and efficiency, emphasizing cost and efficiency priorities [2] - Structural optimization was pursued to strengthen internal motivation, with a focus on group-based and entity-based operations to improve management efficiency [2] Group 4: Future Outlook - The year 2025 is deemed crucial for the company to deepen its transformation and rebuild competitiveness, with ongoing efforts in new project construction and optimization of existing businesses [3] - The company aims to enhance its comprehensive service capabilities and brand value, striving to deliver better performance to investors and the market [3]

Core Insights - The company reported a total revenue of 830 million yuan for the first half of 2025, representing a year-on-year increase of 30.1%, while the net profit attributable to shareholders was a loss of 7.09 million yuan, a decline of 116.08% compared to the previous year [1] - The gross profit margin decreased to 17.59%, down 21.79% year-on-year, and the net profit margin fell to 0.6%, a drop of 92.83% [1] - Accounts receivable increased significantly by 47.97%, indicating potential liquidity issues [1] Financial Performance - Total revenue for 2025 was 830 million yuan, up from 638 million yuan in 2024, marking a 30.1% increase [1] - Net profit attributable to shareholders was -7.09 million yuan, compared to a profit of 44.13 million yuan in 2024, reflecting a decline of 116.08% [1] - The company’s operating costs rose by 38.33%, attributed to increased revenue and changes in the scope of consolidation [4] - The total of selling, administrative, and financial expenses reached 82.05 million yuan, accounting for 9.88% of revenue, an increase of 14.68% year-on-year [1] Balance Sheet Changes - Accounts receivable rose to 966 million yuan, a 47.97% increase from the previous year [1] - Interest-bearing liabilities increased by 58.84% to 320 million yuan [1] - Cash and cash equivalents increased by 16.01% to 218 million yuan [1] Operational Insights - The company’s main business involves the research, production, and sales of automotive parts, as well as providing comprehensive logistics services for the automotive industry [7] - The significant increase in sales expenses by 112.85% is linked to the consolidation of new subsidiaries [4] - The company’s return on invested capital (ROIC) was 3.36%, indicating weak capital returns compared to historical averages [8] Cash Flow Analysis - Net cash flow from investing activities increased by 60.95%, primarily due to lower cash outflows from acquisitions in the previous year [8] - Financing activities saw a net cash flow decrease of 132.47%, attributed to reduced bank borrowings and increased repayments [8]

Core Viewpoint - The recent financial report of Xishanghai (605151) shows a significant increase in revenue but a drastic decline in net profit, indicating potential operational challenges despite revenue growth [1]. Financial Performance - Total revenue for the first half of 2025 reached 830 million yuan, a year-on-year increase of 30.1% compared to 638 million yuan in 2024 [1]. - The net profit attributable to shareholders was -7.09 million yuan, a decline of 116.08% from a profit of 44.13 million yuan in the previous year [1]. - The gross profit margin decreased to 17.59%, down 21.79% year-on-year from 22.49% [1]. - The net profit margin fell to 0.6%, a decrease of 92.83% from 8.32% [1]. - Total expenses (selling, administrative, and financial) amounted to 82.05 million yuan, representing 9.88% of revenue, an increase of 14.68% year-on-year [1]. Accounts Receivable and Liabilities - Accounts receivable increased by 47.97% to 966 million yuan, indicating potential cash flow issues [1]. - Interest-bearing liabilities rose by 58.84% to 320 million yuan, reflecting increased borrowing [1]. Cash Flow and Investment - The net cash flow from investment activities increased by 60.95%, attributed to reduced cash outflows from previous acquisitions [6]. - The net cash flow from financing activities decreased by 132.47%, due to reduced bank borrowings and increased repayments [6]. Business Model and Operational Insights - The company relies heavily on research and development for its performance, with a focus on automotive parts manufacturing and logistics services [12][13]. - The return on invested capital (ROIC) for the previous year was 3.36%, indicating weak capital returns compared to a historical median of 15.59% [10]. Changes in Financial Items - Significant changes in financial items include a 134.47% increase in short-term borrowings due to changes in the consolidation scope [5]. - Other receivables increased by 99% due to new guarantees and deposits from business combinations [3]. Overall Assessment - The company’s financial health shows mixed signals, with strong revenue growth but concerning profitability and cash flow metrics, necessitating close monitoring of accounts receivable and operational efficiency [1][12].

Financial Performance - The company reported total revenue of 830 million yuan, an increase of 192 million yuan compared to the same period last year, achieving a 30.10% year-on-year growth [1] - The net profit attributable to shareholders was -7.09 million yuan, indicating a loss [1] - The net cash inflow from operating activities was -24.94 million yuan, an increase of 5.52 million yuan compared to the same period last year [1] Key Financial Ratios - The latest debt-to-asset ratio is 49.31% [3] - The latest gross profit margin is 17.59%, which is an increase of 2.93 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -0.53% [3] Earnings and Efficiency Metrics - The diluted earnings per share (EPS) is -0.05 yuan [4] - The total asset turnover ratio is 0.29 times, an increase of 0.01 times compared to the same period last year, reflecting a 3.40% year-on-year growth [4] - The inventory turnover ratio is 3.11 times, ranking 17th among disclosed peers [4] Shareholder Structure - The number of shareholders is 9,766, with the top ten shareholders holding 96.99 million shares, accounting for 72.08% of the total share capital [4] - The largest shareholder is Cao Kangmei, holding 18.69% of the shares [4]

Core Insights - West Shanghai (605151.SH) released its semi-annual report for 2025, indicating a total of 32.12 million shares held by institutional investors, representing 23.87% of the total share capital [1] - The report highlights an increase of 0.13 percentage points in the institutional holding ratio compared to the previous quarter [1] Institutional Holdings - Three institutional investors disclosed their holdings in West Shanghai A-shares, including Shanghai Huijia Venture Capital Co., Ltd., Shanghai Anting Industrial Development Co., Ltd., and West Shanghai Automotive Service Co., Ltd. - 2024 Employee Stock Ownership Plan [1] - The combined institutional holding ratio reached 23.87%, reflecting a slight increase from the last quarter [1]

Core Points - The company has released its 2025 semi-annual report, which includes financial results and future development plans [1] - The board of directors and supervisory board have confirmed the authenticity and completeness of the report [2][3] - The report has not been audited [1] Company Overview - The company is named Xishanghai Automotive Service Co., Ltd. and is listed under the stock code 605151 [1] - The company has a board of directors consisting of 9 members, all of whom attended the recent board meeting [3] Financial Data - The total amount raised from the public offering was RMB 537.77 million, with a net amount of RMB 477.97 million after deducting issuance costs [14] - As of June 30, 2025, the company has used RMB 101.94 million of the raised funds, with a remaining balance of RMB 299.89 million [15] Important Resolutions - The board approved the semi-annual report and its summary with unanimous consent [5][10] - The supervisory board also approved the semi-annual report and its summary, confirming compliance with relevant regulations [9][11] Fund Management - The company has established a management system for raised funds, ensuring they are stored in dedicated accounts and used according to regulations [16] - As of June 30, 2025, the company has not used any excess funds for permanent working capital or loan repayment [23][26] Changes in Fund Usage - The company has changed the investment project from "Passenger Car Intelligent Distribution Center Expansion Project" to "Xishanghai Automotive Intelligent Manufacturing Park Project" [25] - There have been no cases of transferring or replacing investment projects during the reporting period [25]

Group 1 - The sixth meeting of the supervisory board of Xishanghai Automotive Service Co., Ltd. was held on August 26, 2025, in accordance with relevant laws and regulations [1][2] - The supervisory board approved the full and summary report for the first half of 2025, confirming that the report's preparation and review processes complied with legal and internal regulations, and accurately reflected the company's financial and operational status [1][2] - The board also approved a special report on the storage and use of raised funds for the first half of 2025, with all votes in favor and no objections or abstentions [2]

证券代码：605151 证券简称：西上海 公告编号：2025-041 西上海汽车服务股份有限公司 第六届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 西上海汽车服务股份有限公司（以下简称"公司"）第六届董事会第十一 次会议于 2025 年 8 月 26 日以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 15 日以通讯方式送达至公司全体董事。本次会议应出席董事 9 人，实际出 席董事 9 人。 本次会议由董事长朱燕阳先生召集并主持。会议的召集和召开程序符合 《中华人民共和国公司法》等相关法律、法规和《西上海汽车服务股份有限公 司章程》《西上海汽车服务股份有限公司董事会议事规则》等相关规定，决议 内容合法有效。 二、董事会会议审议情况 经各位董事认真审议，会议形成了如下决议： （一）审议并通过《关于 2025 年半年度报告全文及其摘要的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日在上海 ...

Group 1 - The core point of the article is that Xishanghai (SH 605151) held its 11th meeting of the 6th Board of Directors on August 26, 2025, to review the proposal for the full semi-annual report for 2025 [1] - For the year 2024, Xishanghai's revenue composition is as follows: 67.28% from component manufacturing, 10.18% from component transportation, 9.11% from component warehousing and operations, 9.05% from complete vehicle warehousing and operations, and 2.75% from other businesses [1] - As of the report date, Xishanghai has a market capitalization of 2.8 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]