威迈斯（688612.SH） 汽车/汽车零部件 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(元) | 34.80 | | 一年最高最低(元) | 36.44/17.68 | | 总市值(亿元) | 146.49 | | 流通市值(亿元) | 88.50 | | 总股本(亿股) | 4.21 | | 流通股本(亿股) | 2.54 | | 近 3 个月换手率(%) | 80.77 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 威迈斯 沪深300 相关研究报告 《业绩符合预期，推进全球化布局— 公司信息更新报告》-2025.4.28 《研发投入持续增加，三季度业绩符 合预期 — 公 司 信 息 更 新 报 告 》 -2024.10.29 《调整回购股份资金来源，首批落地 回购增持专项贷款—公司信息更新报 告》-2024.10.21 Q2 毛利率创历史新高，业绩超预期 ——公司信息更新报告 | 殷晟路（分析师） | 王嘉懿（分析师） | | --- ...

Financial Performance - The company reported total revenue of 2.96 billion yuan for the first half of 2025 [1] - The net profit attributable to shareholders was 272 million yuan [1] - The net cash inflow from operating activities was 483 million yuan [1] Financial Ratios - The latest debt-to-asset ratio is 56.40%, an increase of 1.46 percentage points from the previous quarter and an increase of 5.60 percentage points year-on-year [1] - The latest gross profit margin stands at 20.68% [1] - The return on equity (ROE) is 8.12% [1] Earnings and Efficiency - The diluted earnings per share (EPS) is 0.65 yuan [2] - The total asset turnover ratio is 0.38 times, a decrease of 0.01 times compared to the same period last year, reflecting a year-on-year decline of 2.26% [2] - The inventory turnover ratio is 2.60 times [2] Shareholder Information - The number of shareholders is 7,515, with the top ten shareholders holding 259 million shares, accounting for 61.57% of the total share capital [2]

Core Viewpoint - The news highlights the performance of the STAR Market and the launch of Huawei's new AI SSD, indicating a growing interest in AI storage solutions and the potential for investment opportunities in the tech sector [3][4]. Group 1: STAR Market Performance - As of August 26, 2025, the STAR Market 100 Index rose by 0.61%, with notable increases in constituent stocks such as Huafeng Technology (up 13.04%) and Zhuhai Guanyu (up 12.17%) [3]. - The STAR 100 Index ETF saw a 0.78% increase, marking its third consecutive rise, with a latest price of 1.3 yuan [3]. - Over the past week, the STAR 100 Index ETF accumulated a 5.49% increase, with a trading volume of 99.8865 million yuan and a turnover rate of 1.36% [3][4]. Group 2: Investment Trends and Fund Performance - The STAR 100 Index ETF experienced a net inflow of 27.3865 million yuan over the last ten trading days, despite a recent net outflow of 6.55234 million yuan [4]. - The ETF's net asset value increased by 23.84% over the past six months, ranking it 514 out of 3544 in the index stock fund category [5]. - The ETF's management fee is 0.15%, and its tracking error is 0.020%, indicating a competitive cost structure and high tracking precision compared to similar funds [5][6]. Group 3: Huawei's AI SSD Launch - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market by addressing the limitations of traditional HBM with innovative technology [3]. - The new product aims to meet the demands for large capacity and high performance in AI training and inference processes, potentially revitalizing the AI storage market [3]. - Huawei plans to collaborate with integrated machine manufacturers to enhance the current market landscape, suggesting a strategic move to increase competitiveness in the AI storage sector [3]. Group 4: Domestic Computing Power Chain - The release of DeepSeek-V3.1 is expected to boost the domestic computing power chain, with significant growth anticipated in related infrastructure due to increased capital expenditure from domestic internet companies [4]. - The focus on domestic computing power and its supporting industries, such as optical modules and switches, is projected to maintain high demand and growth in the coming years [4].

公募基金方面，本期较上一季度新披露的公募基金共计4个，包括兴银景气优选混合A、兴银碳中和主 题混合A、兴银高端制造混合A、兴银丰盈灵活配置A。 2025年8月26日，威迈斯(688612.SH)发布2025年半年度报告。截至2025年8月25日，共有11个机构投资 者披露持有威迈斯A股股份，合计持股量达1.16亿股，占威迈斯总股本的27.54%。其中，前十大机构投 资者包括深圳特浦斯企业管理合伙企业(有限合伙)、深圳倍特尔企业管理合伙企业(有限合伙)、深圳森 特尔企业管理合伙企业(有限合伙)、深圳市同晟创业投资管理有限公司-新余同晟创业投资合伙企业(有 限合伙)、北京丰图投资有限责任公司-宁波丰图汇瑞投资中心(有限合伙)、深圳市华宝万盈资产管理有 限公司-华宝万盈资产鑫享2号私募证券投资基金、兴银景气优选混合A、兴银碳中和主题混合A、兴银 高端制造混合A、太平先进制造混合发起式A，前十大机构投资者合计持股比例达27.53%。保持未变。 ...

Core Viewpoint - 威迈斯 (688612.SH) reported a strong performance in its 2025 mid-year report, showing continuous growth in revenue, net profit, and cash flow from operating activities. Financial Performance - Total revenue reached 2.96 billion yuan, an increase of 189 million yuan compared to the same period last year, marking a year-on-year growth of 6.82% [1] - Net profit attributable to shareholders was 272 million yuan, up by 56.46 million yuan year-on-year, reflecting a 26.18% increase [1] - Net cash inflow from operating activities was 483 million yuan, a significant increase of 469 million yuan year-on-year, representing a 3369.18% rise [1] Profitability Metrics - The latest asset-liability ratio stands at 56.40% [1] - Gross profit margin is 20.68%, up by 2.79 percentage points from the previous quarter and 1.68 percentage points from the same period last year, indicating two consecutive quarters of growth [1] - Return on equity (ROE) is 8.12%, an increase of 1.67 percentage points year-on-year [1] - Diluted earnings per share are 0.65 yuan, an increase of 0.14 yuan compared to the same period last year, reflecting a year-on-year growth of 27.45% [1] Efficiency Ratios - The latest total asset turnover ratio is 0.38 times [1] - Inventory turnover ratio is 2.60 times, an increase of 0.52 times year-on-year, indicating a 25.22% rise and two consecutive years of growth [1] Shareholder Information - The number of shareholders is 7,515, with the top ten shareholders holding 259 million shares, accounting for 61.57% of the total share capital [2]

Core Viewpoint - Shenzhen VMAX New Energy (Group) Co., Ltd. reported a revenue increase of 6.82% year-on-year for the first half of 2025, driven by the growth in the electric vehicle market and the optimization of product structure [3][20]. Company Overview and Financial Indicators - The company achieved an operating income of CNY 2,959,987,110.50, compared to CNY 2,771,059,972.57 in the same period last year [3]. - The total profit for the period was CNY 313,301,843.79, reflecting a 22.38% increase from CNY 256,005,472.96 [3]. - The net profit attributable to shareholders was CNY 272,171,038.88, up 26.18% from CNY 215,706,270.77 [3]. - The net cash flow from operating activities reached CNY 483,335,396.02, a significant increase of 3,369.18% compared to CNY 13,932,271.29 [3]. - The company's net assets at the end of the reporting period were CNY 3,352,188,497.91, a 2.52% increase from CNY 3,269,865,648.86 [3]. Industry and Business Situation - The company operates in the automotive manufacturing sector, specifically in the production of electric vehicle components, including onboard power supplies and electric drive systems [5][6]. - The domestic electric vehicle market saw a production and sales increase of 12.5% and 11.4% respectively in the first half of 2025, with electric vehicle sales reaching 696.8 million units, a growth of 41.4% [6]. - The company specializes in the research, production, and sales of electric vehicle power domain products, including onboard chargers and DC/DC converters [7][20]. - The company holds a 17.2% market share in the onboard charger market for passenger vehicles in China, ranking second [8]. Main Business Performance - The main business revenue for onboard power supplies was CNY 258,145.87 million, accounting for 88.95% of total revenue, while the electric drive system revenue was CNY 32,076.50 million, making up 11.05% [20]. - Domestic sales contributed CNY 275,936.07 million, a 17.88% increase, while overseas sales dropped by 46.60% to CNY 14,286.31 million [20]. Research and Development - The company invested in R&D focusing on product integration, high voltage, multifunctionality, and new material applications, with a significant emphasis on updating mainstream products like 6.6kW and 11kW [20]. - The company has accumulated 16 core technologies with independent intellectual property rights, supporting rapid development and production of diverse customer needs [19].

| 深圳威迈斯新能源（集团）股份有限公司 | 2025 | 年半年度报告摘要 | | | --- | --- | --- | --- | | 公司代码：688612 | 公司简称：威迈斯 | | | | 深圳威迈斯新能源（集团）股份有限公司 | | | | | 深圳威迈斯新能源（集团）股份有限公司 | | 2025 | 年半年度报告摘要 | | 第一节 | 重要提示 | | | | 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。 | | | | 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司在经营过程中可能面临 | | | | | 的各种风险已在本报告中描述，敬请查阅本报告"第三节 | | | 管理层讨论与分析"之"四、风险因素"相 | | 关内容，请投资者予以关注。 | | | | | 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。 | | | | | 不适用 | | | | | □适用 √不适用 | | | | | 第二节 | 公司基本情况 | | | | 公司股票简况 | | | | | 公司股票简况 | | | | | ...

证券代码：688612 证券简称：威迈斯 公告编号：2025-060 深圳威迈斯新能源（集团）股份有限公司 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： ?股东大会召开日期：2025年9月10日 ?本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 （一）股东大会类型和届次 （二）股东大会召集人：董事会 （三）投票方式：本次股东大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 （四）现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 10 日 15 点 00 分 召开地点：公司会议室（深圳市南山区北环路第五工业区风云科技大楼 501 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 10 日 至2025 年 9 月 10 日 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:3 ...

Group 1 - The company plans to repurchase shares using funds ranging from RMB 50 million to RMB 100 million, with a portion allocated for employee stock ownership plans or equity incentives, and to reduce registered capital [2] - The repurchase period is set for 12 months from the date of shareholder approval [2] - Based on the total share capital of 420,957,142 shares, the maximum repurchase amount of RMB 100 million at a price cap of RMB 35 per share would result in approximately 1.4286 million shares being repurchased, accounting for about 0.34% of the total share capital [2] Group 2 - As of July 31, 2025, the company has repurchased a total of 2,643,131 shares, representing 0.6279% of the total share capital, with the highest transaction price at RMB 30.39 per share and the lowest at RMB 21.67 per share [2] - The repurchased shares will be used to reduce registered capital in accordance with the Company Law and related regulations [3] - Creditors have the right to request debt repayment or guarantees within 30 days of receiving the notice, or within 45 days from the announcement date if no notice is received [3]

证券代码：688612 证券简称：威迈斯 公告编号：2025-055 深圳威迈斯新能源（集团）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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 深圳威迈斯新能源（集团）股份有限公司（以下简称"公司"）第三届董事 会第七次会议，于 2025 年 8 月 15 日发出会议通知，并于 2025 年 8 月 25 日以现 场与通讯表决相结合的方式召开。本次会议应参与董事 7 名，实际参与董事 7 名。董事长万仁春先生主持本次会议，董事会会议的召集、召开及表决程序符合 国家有关法律、法规及《公司章程》的规定。 二、董事会会议审议情况 本次会议审议通过了如下议案： 公司按照《中华人民共和国公司法》、 《上海证券交易所科创板股票上市规则》 等相关法律及《公司章程》的相关规定，根据公司 2025 年上半年财务状况和经 营成果情况，编制了《2025 年半年度报告》全文及其摘要。 本议案已经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证券 交易所网站（www.sse.com.cn）披露的公司《202 ...