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].

无锡市振华汽车部件股份有限公司2025 年半年度报告摘要 公司代码：605319 公司简称：无锡振华 无锡市振华汽车部件股份有限公司 无锡市振华汽车部件股份有限公司2025 年半年度报告摘要 第一节 重要提示 况及未来发展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 性、准确性、完整性，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。 经公司第三届董事会第十四次会议审议通过，根据公司经营业绩，为实现股东投 资回报，公司 2025 年半年度利润分配预案为： 派发现金红利人民币 2.80 元（含税）。截至董事会决议通过日，公司总股本 250,061,583 股，以此计算合计拟派发现金红利 70,017,243.24 元（含税）。本次利润分配后，剩余 未分配利润滚存至以后年度分配。本次公司现金分红数额占公司 2025 年半年度实现 的归属于上市公司股东的净利润的比例为 34.77%。 体股东每10股转增4股，不送红股。截至公告决议日，公司总股本250,061,583股，以 此计算合计拟转增股本100,024,633股，转增后公司总股本增加至350,086,216 ...

证券代码：605319 证券简称：无锡振华 公告编号：2025-049 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 关于公司 2025 年半年度利润分配预案的公告 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。 利润分配后，剩余未分配利润滚存至以后年度分配。本次公司现金分红数额占公 司 2025 年半年度实现的归属于上市公司股东的净利润的比例为 34.77%。本次利 润分配后，剩余未分配利润滚存以后年度分配。 向全体股东每 10 股转增 4 股，不送红股。截至会议通知发出日，公司总股本 加至 350,086,216 股（具体以中国证券登记结算有限责任公司登记为准，如有尾 差，系取整所致）。 如在本预案公告披露之日起至实施权益分派股权登记日期间，因回购股份、 实施股权激励、股权激励授予股份回购注销、重大资产重组股份回购注销等致使 公司总股本发生变动的，公司拟维持每股分配比例不变，相应调整利润分配总额； 同时维持每股转增比例不变，调整转增股本总额。 重要内容提示： ? 分配比例：A 股每 10 股派 ...

Core Viewpoint - The company has approved its 2025 semi-annual report and profit distribution plan, along with several governance and operational adjustments aimed at compliance with new regulations and enhancing operational efficiency [1][2][4]. Financial Performance - The company reported a net profit attributable to shareholders of RMB 201,356,861.85 for the first half of 2025, with a capital reserve balance of RMB 1,239,742,836.72 and distributable profits of RMB 102,362,075.19 [2]. Profit Distribution Plan - The board proposed a profit distribution plan where 34.77% of the net profit will be distributed as cash dividends, and a stock dividend of 4 shares for every 10 shares held will be issued [2][3]. Governance Adjustments - The company plans to cancel its supervisory board and amend its articles of association to align with the revised Company Law and regulatory guidelines [5][7]. - Several internal management systems, including those for external guarantees, investments, and information disclosure, are set to be revised to enhance compliance and operational effectiveness [8][9][10][11][12][13][14][15][16][17][18][19]. Upcoming Shareholder Meeting - The company has scheduled its first extraordinary shareholder meeting for September 12, 2025, to discuss the proposed changes and other relevant matters [19].

（文章来源：证券日报） 证券日报网讯 8月25日晚间，无锡振华发布公告称，2025年半年度公司实现营业收入1，287，210， 536.46元，同比增长15.19%；归属于上市公司股东的净利润为201，356，861.85元，同比增长27.17%。 ...