Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company is expected to enter a rapid growth phase due to strong partnerships with SAIC and Xiaomi, with significant profit growth observed in the second quarter [1][7]. - Revenue forecasts for 2025-2027 are projected at 34.3 billion, 44.4 billion, and 52.3 billion yuan, representing year-on-year growth of 35.5%, 29.4%, and 17.9% respectively [2][4]. - Net profit forecasts for the same period are 5.1 billion, 6.5 billion, and 7.8 billion yuan, with year-on-year growth rates of 35.3%, 26.2%, and 21.0% [2][4]. Financial Summary - The company achieved a revenue of 12.87 billion yuan in the first half of 2025, a year-on-year increase of 15.2%, with a net profit of 2.01 billion yuan, up 27.2% [7]. - In Q2 2025, revenue reached 6.87 billion yuan, showing a year-on-year and quarter-on-quarter growth of 9.5% and 14.4% respectively, with net profit of 1.07 billion yuan, reflecting a year-on-year increase of 31.9% [7]. - The company’s earnings per share (EPS) are projected to be 1.51 yuan in 2024, increasing to 3.12 yuan by 2027 [4][8].

Group 1 - Wuxi Zhenhua (605319.SH) reported its semi-annual results for 2025, with 25 institutional investors holding a total of 90.88 million shares, representing 36.34% of the total share capital [1] - The top ten institutional investors collectively hold 35.21% of the shares, with a slight decrease of 0.86 percentage points compared to the previous quarter [1] - The report indicates a mix of changes in public fund holdings, with two funds increasing their stakes and one fund reducing its holdings [2] Group 2 - Sixteen new public funds disclosed their holdings this period, including notable names such as Xingquan Social Responsibility Mixed Fund and Morgan Dynamic Selection Mixed Fund [2] - One insurance fund, specifically from Taikang Life Insurance, reported a slight decrease in holdings compared to the previous quarter [2] - The report notes that the Kuwait Investment Authority has not disclosed its holdings this period [3]

| 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10转增4派2.8元（含税） | 0.70 | 0.90 | | 2024.12.31 | 10派3.9元（含税） | 0.98 | 1.91 | | 2024.06.30 | 10派2元（含税） | 0.50 | 0.95 | | 2023.12.31 | 10派3.8元（含税） | 0.95 | 2.01 | | 2023.06.30 | 10派1元（含税） | 0.25 | 0.66 | | 2021.12.31 | 10派1.5元（含税） | 0.30 | 0.86 | 证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入12.87亿元，同比增长15.19%，实 现净利润2.01亿元，同比增长27.17%，基本每股收益为0.81元。 资金面上看，该股今日主力资金净流出466.28万元，近5日主力资金净流出1777.14万元。 8月25日无锡振华发布2025半年度分配预案，拟10转增4派2.8元（含税），预计派现金额合计为7001.72 万元 ...

Core Viewpoint - Wuxi Zhenhua announced a mid-term distribution plan on August 25, proposing a 10-for-4 stock split and a cash dividend of 2.8 yuan (including tax), becoming the first company in the Shanghai market to disclose a stock split plan [2] Financial Performance - The company reported a revenue of 1.287 billion yuan for the first half of the year, representing a year-on-year increase of 15.19% - Net profit reached 201 million yuan, up 27.17% year-on-year, with basic earnings per share of 0.81 yuan [2] Market Activity - On the announcement day, the stock experienced a net outflow of 4.6628 million yuan in principal funds, with a total net outflow of 17.7714 million yuan over the past five days [2] - Among 307 companies that announced distribution plans for the first half of the year, only 6 included stock splits, with 3 seeing stock price increases on the announcement day [2] Historical Distribution Overview - The distribution plan history for Wuxi Zhenhua includes: - June 30, 2025: 10 shares split into 4 shares, cash dividend of 2.8 yuan, net profit of 201.36 million yuan, up 27.17% year-on-year - December 31, 2024: No stock split, cash dividend of 3.9 yuan, net profit of 377.86 million yuan, up 36.30% year-on-year - June 30, 2024: No stock split, cash dividend of 2.0 yuan, net profit of 158.33 million yuan, up 74.91% year-on-year - December 31, 2023: No stock split, cash dividend of 3.8 yuan, net profit of 277.24 million yuan, up 71.23% year-on-year - June 30, 2023: No stock split, cash dividend of 1.0 yuan, net profit of 90.52 million yuan, up 73.87% year-on-year - December 31, 2021: No stock split, cash dividend of 1.5 yuan, net profit of 169.13 million yuan, up 60.42% year-on-year [2]

1H25 业绩符合我们预期 公司公布1H25 业绩：1H25 实现收入12.87 亿元，同比+15.2%；归母净利润为2.01 亿元，同比+27.2%； 扣非归母净利润为1.98 亿元，同比+26.7%。 费用端，2Q25 期间费用率7.5%，主要系伴随规模效益释放而持续摊薄。 冲焊业务客户销量预期向好，电镀业务贡献新增长点。1）拼焊业务：上汽方面，我们认为上汽在内生 变革+去库周期结束+华为尚界（2025 年8 月25 日尚界H5 发布首小时小订破2.5 万）等多因素支持下， 2025 年销量有望修复至约100 万台；小米方面，新车YU7 发布即爆款（2025 年6 月27 日YU7首小时订 单破28.9 万辆），26 年或有增程车推出贡献新增量；此外理想纯电车型、特斯拉ModelY 换代车型等亦 有望贡献增量。2）电镀：除了混动车上量带动高压电喷系统电镀市场扩容以外，公司积极向汽车电 子、新能源功率半导体领域拓展，已获得上汽英飞凌功率半导体电镀底板产品的定点通知，有望打造第 二成长曲线。 盈利预测与估值 基于对高毛利的电镀业务更乐观的预期，我们上调25/26 年盈利预测5.2%/14.6%至5.1 /6. ...

Group 1 - The company plans to distribute cash dividends of RMB 2.80 per 10 shares, totaling RMB 70,017,243.24, which represents 34.77% of the net profit attributable to shareholders for the first half of 2025 [3][9][10] - The company intends to increase its total share capital from 250,061,583 shares to 350,086,216 shares by issuing 4 new shares for every 10 shares held, using capital reserves [3][10][89] - The profit distribution plan and capital increase proposal are subject to approval at the upcoming shareholders' meeting [4][11] Group 2 - The company has decided to cancel its supervisory board, with its functions being transferred to the audit committee of the board of directors, and will add one employee representative director [87][88] - The company is adjusting its business scope to include mold manufacturing and sales, in addition to its existing automotive parts and electronic instruments manufacturing [88] - The company will revise its articles of association to reflect these changes, which will also require shareholder approval [90] Group 3 - The company’s net profit attributable to shareholders for the first half of 2025 is reported at RMB 201,356,861.85 [9] - The company’s capital reserve balance is RMB 1,239,742,836.72, with distributable profits amounting to RMB 102,362,075.19 [9] - The company’s board of directors has approved the half-year report and its summary [7][11]

Core Viewpoint - The company has announced a profit distribution plan for the first half of 2025, which includes cash dividends and capital reserve conversion to increase share capital. Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of 2.80 yuan (including tax) for every 10 shares held, totaling approximately 70,017,243.24 yuan based on the current total share capital of 250,061,583 shares [2][4]. - Additionally, the company intends to convert capital reserves into share capital at a rate of 0.4 shares for every 10 shares held, resulting in an increase of total share capital to 350,086,216 shares [5][4]. - The cash dividend represents 34.77% of the company's net profit attributable to shareholders for the first half of 2025 [4]. Group 2: Decision-Making Process - The profit distribution proposal was approved during the 14th meeting of the third board of directors held on August 25, 2025, and will be submitted for shareholder approval [8][9]. - The supervisory board also reviewed and approved the profit distribution plan, affirming that it aligns with the company's development stage and future funding needs [9][15]. Group 3: Upcoming Shareholder Meeting - A temporary shareholder meeting is scheduled for September 12, 2025, to discuss and vote on the profit distribution proposal and other related matters [25][26]. - The meeting will utilize both on-site and online voting methods, with specific timeframes for participation [26][30].

Group 1 - The company held its 12th meeting of the third Supervisory Board on August 14, 2025, with all three supervisors participating in the voting, ensuring the meeting's legality and validity [1][2] - The Supervisory Board approved the 2025 semi-annual report and its summary, confirming that the report's content and format comply with regulations and accurately reflect the company's operational and financial status for the first half of 2025 [1][2] - The profit distribution plan for 2025 was approved, which considers the company's development stage and future funding needs, ensuring no harm to minority shareholders [2][3] Group 2 - The Supervisory Board approved a special report on the use and management of raised funds for the first half of 2025, confirming its accuracy and compliance with relevant regulations [2][3] - A proposal to cancel the Supervisory Board and amend the company's articles of association was approved, in line with the revised Company Law and regulations from the China Securities Regulatory Commission [3] - The company plans to increase its total share capital from 250,061,583 shares to 350,086,216 shares through a capital reserve transfer, with the specifics to be confirmed by the China Securities Depository and Clearing Corporation [3]

一、 召开会议的基本情况 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召开当日的 9:15-15:00。 证券代码：605319 证券简称：无锡振华 公告编号：2025-052 证券代码：111022 证券简称：锡振转债 无锡市振华汽车部件股份有限公司 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： (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关规定执行。 (七) 涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东会审议议案及投票股东类型 投票股东类型 序号 议案名称 非累积投票议案 《关于取消监事会 ...

Core Viewpoint - Wuxi Zhenhua Auto Parts Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, driven by strong performance in its stamping parts business and collaborations with new energy vehicle manufacturers [1][2]. Financial Performance - The company achieved operating revenue of RMB 1,287.21 million, a 15.19% increase compared to the same period last year [2][10]. - Total profit reached RMB 247.96 million, reflecting a 31.31% year-on-year growth [2][10]. - Net profit attributable to shareholders was RMB 201.36 million, up 27.17% from the previous year [2][10]. - The cash dividend proposed is RMB 2.80 per share, amounting to a total of RMB 70.02 million, which represents 34.77% of the net profit [1]. Business Segments - The company operates in three main business segments: stamping parts, assembly processing, and selective precision electroplating [4][6]. - Stamping parts accounted for a significant portion of revenue, with a year-on-year growth of 41.08% [10]. - The assembly processing business also saw a 16.65% increase in revenue [10]. Industry Context - The automotive industry in China is experiencing robust growth, with production and sales reaching 15.62 million and 15.65 million vehicles respectively in the first half of 2025, marking increases of 12.5% and 11.4% year-on-year [5]. - New energy vehicles accounted for 44.3% of total new car sales, with production and sales of 6.97 million units, reflecting growth rates of 41.4% and 40.3% [5]. - The industry is transitioning from scale expansion to quality enhancement, driven by government policies and market demands [5][6]. Competitive Advantages - The company has established strong relationships with major automotive manufacturers, including SAIC Volkswagen and Tesla, enhancing its market position [12]. - It has a robust R&D capability, holding 160 patents, which supports its competitive edge in the automotive parts sector [12]. - The company benefits from advanced production equipment and a comprehensive quality management system, ensuring high product quality and efficiency [12].