Core Points - The company Jingwei Hengrun (688326.SH) announced a significant shareholding change involving shareholder Cao Xuming [1] - From October 31, 2025, to November 5, 2025, Cao Xuming reduced his shareholding by 950,000 shares [1] - Following the reduction, Cao Xuming's ownership percentage decreased from 11.51% to 10.72%, marking a change that touches the 1% threshold [1]

北京经纬恒润科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 股东曹旭明先生保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 证券代码：688326 证券简称：经纬恒润 公告编号：2025-048 二、 权益变动触及 1%刻度的基本情况 北京经纬恒润科技股份有限公司（以下简称"公司"）于 2025 年 11 月 5 日收 到股东曹旭明先生《关于减持股份触及 1%刻度的告知函》，2025 年 10 月 31 日 至 2025 年 11 月 5 日，曹旭明先生通过集中竞价交易和大宗交易方式共减持公司 股份 950,000 股，持有公司股份比例由 11.51%减少至 10.72%，权益变动触及 1% 刻度，相关情况如下： 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少 | | --- | --- | --- | | 权益变动前合计比例 | 11.51% | | | 权益变动后合计比例 | 10.72% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 ...

Group 1 - The core transaction on November 4 involved a block trade of 440,000 shares of Jingwei Hengrun-W, with a transaction value of 37.9016 million yuan, at a price of 86.14 yuan, representing a discount of 15.57% compared to the closing price of the day [2][3] - Over the past three months, the stock has recorded a total of two block trades, with a cumulative transaction value of 52.016 million yuan [2] - The closing price of Jingwei Hengrun-W on the day of the transaction was 102.02 yuan, reflecting a decline of 3.11%, with a turnover rate of 1.37% and a total trading volume of 157 million yuan, alongside a net outflow of 13.2689 million yuan in main funds [2] Group 2 - The latest margin financing balance for the stock is 205 million yuan, which has increased by 19.1205 million yuan over the past five days, marking a growth of 10.31% [3] - In terms of institutional ratings, three institutions have provided ratings for the stock in the past five days, with the highest target price set at 150.00 yuan by Guotou Securities on October 29 [3] - Beijing Jingwei Hengrun Technology Co., Ltd. was established on September 18, 2003, with a registered capital of 1.1995904 billion yuan [3]

Group 1 - The stock of Jingwei Hengrun closed down by 3.11% on November 4, with a closing price of 102.02 yuan [1] - A large transaction occurred involving 440,000 shares, totaling 37.9016 million yuan, with a transaction price of 86.14 yuan per share, reflecting a premium rate of -15.57% [1] - The buyer and seller for the large transaction were both from CITIC Securities Co., Ltd. Beijing Jianguomen Securities Branch [1] Group 2 - Over the past three months, the stock has recorded two large transactions with a total transaction amount of 52.016 million yuan [1] - In the last five trading days, the stock has declined by 10.74%, with a total net outflow of 67.4467 million yuan from main funds [1]

Group 1 - The core transaction involved 440,000 shares of Jingwei Hengrun, with a total transaction amount of 37.9016 million yuan, accounting for 19.48% of the total trading volume on that day [1] - The transaction price was 86.14 yuan, which represents a discount of 15.57% compared to the market closing price of 102.02 yuan [1] Group 2 - The transaction occurred on November 4, with the stock code 688326 for Jingwei Hengrun [2] - The buying brokerage was "Rongfeng Shifapan Xie" and the selling brokerage was "Chafengjing Shifapan Liumenyuan" [2]

Core Viewpoint - Jingwei Hengrun (688326.SH) is currently experiencing a decline in stock price, closing at 102.02 yuan with a drop of 3.11%, resulting in a total market capitalization of 12.238 billion yuan, indicating the stock is in a state of breaking below its initial offering price [1] Summary by Relevant Sections Company Overview - Jingwei Hengrun was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 19, 2022, with an initial offering price of 121.00 yuan per share [1] - The company issued 30 million shares, which accounted for 25% of the total share capital post-issuance [1] Fundraising Details - The total amount raised during the IPO was 363 million yuan, with a net amount of 348.80174 million yuan after deducting issuance costs [1] - The final net fundraising amount was 151.19826 million yuan less than the original plan [1] - The company initially aimed to raise 500 million yuan for various projects, including the automotive electronics production base in Nantong, a research and development center in Tianjin, digital capability enhancement, and working capital [1] Underwriting Information - The lead underwriter for the IPO was CITIC Securities Co., Ltd., with representatives Song Yongxin and Liu Xiao [1] - The total issuance costs amounted to 14.19826 million yuan, with CITIC Securities and Huaxing Securities receiving underwriting fees of 10.37736 million yuan [1]

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Core Insights - The company, Jingwei Hengrun, was established in September 2003 and went public on the Shanghai Stock Exchange in April 2022, focusing on providing electronic products and solutions in the automotive and high-end equipment sectors, with strong capabilities in intelligent driving [1] Financial Performance - For Q3 2025, Jingwei Hengrun reported revenue of 4.464 billion yuan, ranking 6th among 102 companies in the industry, while the net profit was -73.5855 million yuan, placing it 81st [2] - The company's asset-liability ratio stood at 58.13% in Q3 2025, higher than the industry average of 31.94%, and its gross profit margin was 22.80%, below the industry average of 41.71% [3] Executive Compensation - Chairman Ji Yingcun's compensation for 2024 was 1.3501 million yuan, a decrease of 162,300 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.09% to 6,719, while the average number of circulating A-shares held per shareholder increased by 6.49% to 13,400 [5] - The company achieved a revenue of 1.555 billion yuan in Q3 2025, a year-on-year increase of 2.40%, and a net profit of 11.9184 million yuan, a year-on-year increase of 115.52% [5] Business Highlights - The company is focusing on expanding its international presence and has made significant progress in overseas layouts, securing multiple OEM/Tier1 product contracts [6] - The revenue projections for 2025 to 2027 are 7.324 billion, 9.043 billion, and 10.748 billion yuan, respectively, with net profits expected to be 52 million, 390 million, and 614 million yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 145.23 RMB [6][4]. Core Views - The company experienced a quarter-on-quarter revenue decline in Q3 2025, attributed to price pressures from downstream customers, but year-on-year revenue growth remains positive [1][2]. - The outlook for Q4 2025 and 2026 is optimistic, particularly in the ADAS and L4 autonomous driving sectors, with expectations for improved profitability driven by cost reduction and efficiency gains [1][3]. Summary by Sections Q3 2025 Performance - The company reported Q3 2025 revenue of 1.555 billion RMB, a year-on-year increase of 2.40% but a quarter-on-quarter decrease of 1.57%. The net profit attributable to the parent company was 11.92 million RMB, showing a significant year-on-year increase of 115.52% but a quarter-on-quarter decline of 63.89% [1][2]. - For the first three quarters of 2025, total revenue reached 4.464 billion RMB, reflecting a year-on-year growth of 25.88%, while the net profit was -75.05 million RMB, indicating a year-on-year improvement of 81.70% [2]. Q4 2025 and 2026 Outlook - The company is expected to continue its revenue growth trend into 2026, driven by smart driving electronic products and autonomous driving solutions. Key clients like Geely, Xiaopeng, Xiaomi, and FAW are anticipated to enter stable production phases [3]. - The company aims to enhance profitability through improved R&D efficiency and cost control, with L4 autonomous driving platform products expected to accelerate commercialization [3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are maintained at 7.39 billion RMB, 9.53 billion RMB, and 11.68 billion RMB, respectively, with corresponding net profits projected at 66.10 million RMB, 361.79 million RMB, and 607.76 million RMB [4][10]. - The report anticipates a gradual improvement in gross margins, with estimates of 23.9%, 24.8%, and 25.3% for 2025, 2026, and 2027, respectively [4].

Core Viewpoint - The company, Jingwei Hengrun, reported a decline in stock price and significant financial losses in its third-quarter report for 2025, while also planning to increase capital for its subsidiary to support a new factory project [1][3][4]. Financial Performance - For the third quarter of 2025, the company achieved operating revenue of 1,555,430,609.51 yuan, representing a year-on-year increase of 2.40% [3][4]. - The total profit for the period was 6,668,016.63 yuan, with a net profit attributable to shareholders of 11,918,415.04 yuan, indicating a significant decline compared to the previous year [3][4]. - The net cash flow from operating activities was negative at -313,070,704.77 yuan [3][6]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 6,719, with the top ten shareholders holding significant stakes, including Ji Yingcun with 24.58% and Cao Xuming with 11.51% [3][5]. Capital Management - The company plans to convert a 50 million yuan interest-free loan to its wholly-owned subsidiary, Tianjin Jingwei Hengrun, into capital to support the "Jingwei Hengrun Tianjin New Factory" project [4][5]. - This capital increase will raise the registered capital of Tianjin Jingwei from 20 million yuan to 70 million yuan, and the decision has been approved by the company's supervisory board [4][5][7]. Market Activity - On October 29, 2025, the stock closed at 106.51 yuan, down 6.82%, with a turnover rate of 3.18% and a trading volume of 35,500 hands, amounting to a transaction value of 380 million yuan [1][2]. - The net outflow of main funds was 44.71 million yuan, accounting for 11.77% of the total transaction value, while retail investors saw a net inflow of 16.22 million yuan [2][4].