Core Viewpoint - The consumer electronics sector experienced a decline of 2.94% on October 30, with Longyang Electronics leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Major stocks in the consumer electronics sector showed varied performance, with notable gainers including XW Communication (+7.41%) and Chunqiu Electronics (+3.51%) [1] Group 2: Stock Performance - Longyang Electronics saw a significant decline of 9.58%, closing at 58.50 [2] - Other notable decliners included Yabo Xuan (-8.32%) and Anker Innovation (-8.29%) [2] Group 3: Capital Flow - The consumer electronics sector experienced a net outflow of 5.992 billion yuan from main funds, while retail investors saw a net inflow of 4.374 billion yuan [2][3] - The capital flow data indicates that while main funds exited, retail investors were actively buying into the sector [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The third quarter shows a clear performance turning point, with strong recovery in the consumer electronics business [2] - The company is experiencing short-term pressure on profitability, but continues to increase R&D investment [3] - The consumer electronics demand is robust, and the robotics business is opening new growth opportunities [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.375 billion yuan, a year-on-year increase of 52.87%, and a net profit attributable to shareholders of 34 million yuan, a year-on-year decrease of 47.99% [2] - In Q3 alone, the company reported revenue of 670 million yuan, a year-on-year increase of 93.48%, and a net profit attributable to shareholders of 52 million yuan, a year-on-year increase of 166.73% [2] - The gross margin for the first three quarters of 2025 was 20.64%, down 6.77 percentage points year-on-year, while the net profit margin was 2.24%, down 4.68 percentage points year-on-year [3] Business Segment Insights - The consumer electronics segment is the core driver of Q3 performance recovery, primarily due to strong demand from North American clients for new products [4] - The company’s subsidiary in Nantong has achieved breakeven in Q3 after incurring losses in the first half of the year [4] - The company is actively investing in humanoid robotics, with plans to build a new R&D and production base in Kunshan with an investment of 2 billion yuan [4]

Core Insights - The company reported a revenue of 1.375 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 52.87% [1] - The net profit attributable to shareholders decreased to 33.89 million yuan, a decline of 47.99% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 23.58 million yuan, down 53.91% compared to the previous year [1] - The basic earnings per share stood at 0.12 yuan [1]

Group 1 - The core point of the article is that 福立旺 (Fuliwang) reported its third-quarter performance, showing significant revenue growth but a decline in net profit and earnings per share [1] Group 2 - 福立旺's revenue for the first three quarters of 2025 reached approximately 1.375 billion yuan, representing a year-on-year increase of 52.87% [1] - The net profit attributable to shareholders was about 33.89 million yuan, reflecting a year-on-year decrease of 47.99% [1] - The basic earnings per share were 0.12 yuan, down 55.56% compared to the previous year [1] - As of the report, 福立旺's market capitalization stood at 8.1 billion yuan [2]

Revenue and Profit - The company's revenue for Q3 reached ¥670,148,785.93, an increase of 93.48% year-on-year, driven by strong demand in consumer electronics and successful introduction of new products [3]. - Total profit for Q3 was ¥55,574,230.21, representing a significant increase of 243.75% compared to the same period last year [3]. - Net profit attributable to shareholders for Q3 was ¥51,627,399.78, up 166.73% year-on-year, reflecting improved operational performance [3]. - Total operating revenue for the first three quarters of 2025 reached CNY 1,375,207,417.55, a significant increase from CNY 899,573,426.31 in the same period of 2024, representing a growth of approximately 53% [20]. - Net profit for the first three quarters of 2025 was CNY 30,839,424.93, down from CNY 62,273,041.37 in 2024, reflecting a decline of approximately 50% [22]. Cash Flow and Financial Position - The company reported a net cash flow from operating activities of -¥13,282,717.06 for the year-to-date, a decline of 116.29% due to increased accounts receivable [3][9]. - Cash inflows from operating activities amounted to CNY 1,085,958,939.05 in the first three quarters of 2025, compared to CNY 854,191,870.12 in 2024, representing a growth of around 27% [24]. - The net cash flow from operating activities was -$13.28 million, a decrease from $81.54 million in the previous period [25]. - The ending balance of cash and cash equivalents was $374.67 million, slightly up from $347.68 million [26]. Assets and Liabilities - Total assets increased to ¥4,171,075,460.54, a growth of 16.70% from the end of the previous year [4]. - The company's total liabilities increased to CNY 2,232,533,798.62 in 2025 from CNY 1,965,375,847.22 in 2024, marking an increase of about 14% [19]. - The total equity attributable to shareholders rose to CNY 1,882,397,438.14 in 2025, up from CNY 1,549,500,104.41 in 2024, which is an increase of approximately 21% [19]. - The total liabilities and equity of the company reached CNY 4,171,075,460.54 in 2025, compared to CNY 3,574,070,521.71 in 2024, reflecting an increase of about 17% [19]. Research and Development - R&D investment totaled ¥37,912,520.28 in Q3, accounting for 5.66% of revenue, a decrease of 3.6 percentage points compared to the previous year [4]. - Research and development expenses for the first three quarters of 2025 were CNY 106,421,665.09, compared to CNY 91,630,273.28 in 2024, indicating an increase of approximately 16% [20]. Shareholder Information - The company reported a total of 9,179 common shareholders at the end of the reporting period [12]. - The largest shareholder, WINWIN OVERSEAS GROUP LIMITED, holds 39.88% of the shares, totaling 103,760,407 shares [12]. Operational Efficiency - The subsidiary Nantong Fuliwang achieved breakeven in Q3 after previous losses, indicating improved operational efficiency [9]. - The company anticipates continued growth in revenue and profit in the upcoming quarters, supported by strong market demand for new products [8]. Impairment and Expenses - The company recorded a total asset impairment loss of ¥44,332,000 for the year-to-date, with ¥19,482,100 recognized in Q3 [9]. - The company paid $408.57 million in employee compensation, an increase from $258.51 million [25]. - Interest and fees paid amounted to $14.95 million, compared to $12.70 million previously [25].

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-072 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电（中国）股份有限公司 关于当年累计新增借款超过 上年末净资产 20%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个别及连带责任。 福立旺精密机电（中国）股份有限公司（以下简称"公司"）根据《上海证 券交易所上市公司自律监管指引第 12 号——可转换公司债券》等相关规定，就 公司 2025 年累计新增借款情况予以披露。具体情况如下： 一、主要财务数据概况 截至 2024 年 12 月 31 日，公司经审计净资产为 154,950.01 万元，借款余 额为 52,735.13 万元。 截至 2025 年 10 月 27 日，公司借款余额为 84,732.38 万元，较 2024 年末 增加 31,997.25 万元，2025 年 1 月 1 日至 2025 年 10 月 27 日累计新增借款占 公司 2024 年末净资产比例为 20. ...

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、本次计提资产减值准备情况 根据《企业会计准则》和相关会计政策等规定，为真实、准确地反映公司截 至 2025 年 9 月 30 日的财务状况及 2025 年前三季度的经营成果，公司对合并 范围内的相关资产进行了全面清查，基于谨慎性原则，对可能发生减值损失的相 关资产计提了减值准备。具体情况如下表所示： 公司本次计提各项减值准备共计 4,433.22 万元，具体如下： 单位：人民币，万元 | 项目 | 原因 | 计提金额 | | --- | --- | --- | | 信用减值损失 | 应收票据坏账损失 | 0.05 | | | 应收账款坏账损失 | -1,197.77 | | | 其他应收款坏账损失 | -8.27 | | 资产减值损失 | 存货跌价损失 | -3,227.24 | | | 合计 | -4,433.22 | 注：损失以"-"号填列，表格数据保留两位小数，若合计数与各数值直接 相加之和在尾数上存在差异，系因四舍五入所致。 | 证券代码：688678 | 证券简 ...

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-070 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电（中国）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 11 月 4 日(星期二)上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 投资者可于 2025 年 10 月 28 日（星期二）至 11 月 3 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@freewon.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 福立旺精密机电（中国）股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Core Insights - Fuliwang Precision Electromechanical (China) Co., Ltd. experienced a stock price increase of 5.32%, reaching 29.92 CNY per share, with a total market capitalization of 7.785 billion CNY as of October 21 [1] Company Overview - Fuliwang was established on May 18, 2006, and went public on December 23, 2020. The company is located in Kunshan, Jiangsu Province, and specializes in the research, design, production, and sales of various springs, connectors, automotive sunroof components, and other hardware accessories [1] - The revenue composition of Fuliwang includes: 54.94% from 3C precision components, 17.12% from power tool components, 14.66% from automotive precision components, 7.89% from diamond wire and brass wire, 4.55% from other supplementary items, and 0.84% from general precision components [1] Shareholder Insights - The top circulating shareholder of Fuliwang is the Guoshou Anbao Fund, which increased its holdings in the Guoshou Anbao Smart Life Stock A fund by 150,000 shares in Q2, now holding 3.1869 million shares, representing 1.23% of circulating shares. The estimated floating profit today is approximately 4.8122 million CNY [2] - Guoshou Anbao Smart Life Stock A fund was established on September 1, 2015, with a current scale of 1.828 billion CNY. Year-to-date returns are 34.36%, ranking 1155 out of 4218 in its category, while the one-year return is 49.08%, ranking 376 out of 3868 [2] Fund Performance - The Guoshou Anbao Target Strategy Mixed Fund A reduced its holdings in Fuliwang by 137,300 shares in Q2, now holding 310,000 shares, which accounts for 4.03% of the fund's net value. The estimated floating profit today is around 468,200 CNY [4] - This fund was established on October 24, 2017, with a current scale of 10.4 million CNY. Year-to-date returns are 35.71%, ranking 1792 out of 8162, while the one-year return is 46.51%, ranking 845 out of 8024 [4]