Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company achieved a revenue of 4.597 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 5.45%. The net profit attributable to shareholders reached 425 million yuan, up 43.64% year-on-year [1]. - In Q3 2025, the company reported a revenue of 1.638 billion yuan, a 3.06% increase year-on-year, and a net profit of 153 million yuan, which is a significant increase of 90.49% year-on-year [1][2]. - The company is a leading player in the vehicle power supply industry, holding a 16.2% market share in China's vehicle power supply shipments for Q3 2025, despite a slight decline from the previous year [1][3]. Summary by Sections Financial Performance - The company's gross margin for Q3 2025 was 23.02%, an increase of 4.94 percentage points year-on-year, while the net profit margin was 9.37%, up 4.11 percentage points year-on-year [2]. - The operating cash flow for the first three quarters of 2025 was 610 million yuan, a substantial increase of 69% year-on-year [2]. Product Development and Market Expansion - The company invested 107 million yuan in R&D in Q3 2025, with an R&D expense ratio of 6.52%. The sales of the next-generation integrated products accounted for over 20% of total sales [2]. - The company is focusing on emerging markets, including low-altitude economy and AI server power supply, leveraging its R&D capabilities and customer base [2]. Global Strategy - The company has established strong ties with Stellantis Group and is benefiting from the ramp-up of new electric vehicle platforms. It is also expanding its production base in Thailand [3]. - The company is expected to continue increasing its market share through product structure adjustments and accelerated globalization efforts [1][3]. Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 649 million yuan, 872 million yuan, and 1.042 billion yuan, respectively, with corresponding P/E ratios of 24, 18, and 15 [4][3].

Core Points - Weimars (688612.SH) closed at 37.52 yuan, with a decline of 8.04%, resulting in a total market capitalization of 15.728 billion yuan [1] - The stock is currently in a state of decline since its initial public offering (IPO) [1] Summary by Sections IPO Details - Weimars was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 26, 2023, with an issuance of 42.1 million shares at a price of 47.29 yuan per share [1] - The stock reached a peak price of 62.00 yuan on its first trading day, marking the highest price since its listing [1] Fundraising Information - The total amount raised from the IPO was 1.9909 billion yuan, with a net amount of 1.8358 billion yuan after deducting non-tax issuance costs [1] - The net amount raised exceeded the original plan by 503.5 million yuan [1] - The funds are intended for projects including the production base for new energy vehicle power products, the establishment of a new experimental center for new energy vehicle power in Longgang Baolong, and to supplement working capital [1] Issuance Costs - The total issuance costs for the IPO amounted to 155.1 million yuan (excluding VAT), with underwriting and sponsorship fees accounting for 115.5 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Insights - The company reported a revenue of 45.97 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.45%. The net profit attributable to shareholders was 4.25 billion yuan, up 43.64% year-on-year. In Q3 alone, revenue was 16.38 billion yuan, a 3.06% increase year-on-year and a 1.93% increase quarter-on-quarter. The net profit for Q3 was 1.53 billion yuan, showing a significant year-on-year increase of 90.49% despite a quarter-on-quarter decline of 10.58% [6][7] - The company is a leading player in the domestic vehicle power supply market and is benefiting from the growth of the European new energy vehicle market. The forecast for net profit attributable to shareholders for 2025-2027 is 7.26 billion, 10.25 billion, and 14.86 billion yuan respectively, with corresponding P/E ratios of 23.5, 16.7, and 11.5 times [6][7] Financial Performance Summary - For Q3 2025, the gross margin was 23.0%, which is stable quarter-on-quarter and up 4.9 percentage points year-on-year. The company’s cash balance was 18.55 billion yuan, with contract liabilities at a historical high of 2.98 billion yuan. The company’s long-term payables exceed receivables, indicating its strong position in the supply chain [6][8] - The financial summary indicates that revenue is expected to grow from 55.23 billion yuan in 2023 to 94.34 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.9%. The net profit is projected to increase from 502 million yuan in 2023 to 1.486 billion yuan in 2027, reflecting a strong growth trajectory [10][13]

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

Core Viewpoint - The company, Shenzhen Weimais New Energy (Group) Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][8]. - The company reported a total of 1,769,044 shares of common stock held in its repurchase account, representing 0.42% of total shares [6]. Shareholder Information - The report includes details on the total number of common shareholders and the top ten shareholders, although specific figures are not provided in the document [5]. Other Important Information - The company has not identified any significant changes in its operational status during the reporting period that require additional investor attention [5][8].

Core Insights - The company, Weimaisi (688612.SH), reported a total operating revenue of 4.597 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.45% [1] - The net profit attributable to shareholders of the parent company reached 425 million yuan, showing a significant year-on-year growth of 43.64% [1] - The basic earnings per share (EPS) stood at 1.01 yuan [1]

每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 曾健辉） 每经AI快讯，威迈斯（SH 688612，收盘价：40.8元）10月27日晚间发布三季度业绩公告称，2025年前 三季度营收约45.97亿元，同比增加5.45%；归属于上市公司股东的净利润约4.25亿元，同比增加 43.64%；基本每股收益1.01元，同比增加44.29%。 截至发稿，威迈斯市值为171亿元。 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 1,637,502,605.99, representing a year-on-year increase of 3.06%[4] - The total profit for the quarter was CNY 189,381,621.49, a significant increase of 74.42% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 153,204,176.62, reflecting a remarkable growth of 90.49% year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 143,603,352.18, up by 92.96% from the previous year[4] - The basic earnings per share for the quarter was CNY 0.36, an increase of 89.47% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached RMB 4,597,489,716.49, an increase of 5.4% compared to RMB 4,359,989,416.48 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was RMB 426,176,146.41, up 40.1% from RMB 304,244,862.84 in the first three quarters of 2024[20] - Operating profit increased to RMB 503,730,966.13 in 2025, compared to RMB 364,821,193.30 in 2024, reflecting a growth of 38.1%[19] - Basic and diluted earnings per share for the first three quarters of 2025 were both RMB 1.01, compared to RMB 0.70 in the same period of 2024, marking a 44.3% increase[21] Research and Development - Research and development expenses totaled CNY 106,834,285.84, accounting for 6.52% of operating revenue, which is an increase of 0.15 percentage points year-on-year[5] - Research and development expenses rose to RMB 308,979,347.73 in 2025, up from RMB 279,980,764.00 in 2024, indicating a focus on innovation[19] - Research and development expenses increased by 12%, amounting to 150 million RMB, focusing on innovative energy solutions[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,857,769,493.38, marking a 2.17% increase from the end of the previous year[5] - The company's total assets amounted to RMB 7,857,769,493.38, an increase from RMB 7,690,718,326.06 as of December 31, 2024[15] - The company's cash and cash equivalents increased to RMB 1,855,303,773.43 from RMB 1,575,618,722.19, reflecting a growth of approximately 17.7%[15] - Accounts receivable decreased to RMB 1,377,264,152.87 from RMB 1,698,654,205.51, representing a decline of about 18.9%[15] - The company's total liabilities decreased slightly to RMB 4,366,454,207.00 from RMB 4,418,479,117.72, indicating a reduction of approximately 1.2%[17] - The equity attributable to the parent company increased to RMB 3,491,314,759.32 from RMB 3,269,865,648.86, showing a growth of around 6.8%[17] - The company's inventory rose to RMB 964,504,391.49 from RMB 885,625,206.10, marking an increase of approximately 8.9%[15] - The company's short-term borrowings decreased to RMB 166,358,715.53 from RMB 289,250,254.69, a reduction of about 42.4%[17] - The company's non-current assets totaled RMB 1,765,856,504.84, up from RMB 1,549,121,545.74, reflecting an increase of approximately 14%[16] - The company's total current liabilities remained relatively stable at RMB 4,051,692,667.06 compared to RMB 4,048,875,502.16[17] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 610,195,081.31, reflecting a 69.58% increase compared to the previous year[4] - Cash flow from operating activities for the first three quarters of 2025 was RMB 610,195,081.31, compared to RMB 359,819,589.15 in 2024, representing a significant increase of 69.5%[22] - The company reported a net cash increase of RMB 581,056,708.85 in cash and cash equivalents for the first three quarters of 2025, contrasting with a decrease of RMB 83,400,736.68 in 2024[23] - Investment activities generated a net cash inflow of RMB 487,551,708.51 in 2025, a turnaround from a net outflow of RMB 280,902,599.02 in 2024[23] Market and Growth - The company continues to optimize its product shipment structure in response to market demand, contributing to the growth in revenue and profit[9] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in Q3 2025[26] - User data showed a growth of 25% in active users, totaling 5 million by the end of Q3 2025[26] - The company provided a forward guidance of 10% revenue growth for Q4 2025, projecting revenues to reach approximately 1.32 billion RMB[26] - New product launches contributed to a 30% increase in sales volume, with the latest solar panel technology gaining significant market traction[26] - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by the end of 2026[26] - The company announced a strategic acquisition of a local competitor, expected to enhance its production capacity by 40%[26] - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the previous quarter[26] - The company plans to invest 200 million RMB in new manufacturing facilities to support future growth[26] - The gross margin improved to 35%, up from 30% in the previous quarter, indicating better cost management[26]

Group 1 - The company will disclose its Q3 2025 report on October 28, 2025, on the Shanghai Stock Exchange website [1] - A performance briefing will be held on the same day from 15:00 to 16:00 on the "Value Online" platform [1][2] - The meeting will be conducted via online and telephone conference [2] Group 2 - Participants in the meeting will include the board secretary and the financial director, Li Ronghua [1] - Investors can contact the company's securities department for participation details [1]

证券代码：688612 证券简称：威迈斯 公告编号：2025-066 会议问题征集：投资者可于 2025 年 10 月 28 日（星期二）15:00 前访问网址 https://eseb.cn/1souRvQVE2c 或使用微信扫描下方二维码在报名时进行会前提问，公司将通 过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 一、说明会类型 深圳威迈斯新能源（集团）股份有限公司（以下简称"公司"）拟于 2025 年 10 月 28 日在上海证券交易所网站（www.sse.com.cn）披露《2025 年第三季度报 告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况， 公司定于 2025 年 10 月 28 日（星期二）15:00-16:00 在"价值在线（" www.ir-online.cn） 举办公司 2025 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投 会议召开时间：2025 年 10 月 28 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络及电话会议 资者的意见和建议。 二、说明会召开的 ...