Group 1: Business Development and Strategy - The company plans to leverage opportunities in the humanoid robot sector, focusing on core components to drive growth in emerging business areas [2] - The company aims to enhance its competitive edge in humanoid robots by innovating processing equipment and reducing production costs [2] - Future strategies include deepening focus on core business and aligning product development with customer needs, particularly in the robotics sector [6] Group 2: Financial Performance - In 2024, the automotive gear segment's revenue exceeded 50%, but profit margins are under pressure due to intensified market competition [5] - The electric tools gear segment achieved approximately CNY 140 million in revenue, marking a 48.25% year-on-year increase [3] - The company anticipates stable profit margins in the automotive gear sector moving forward, despite recent declines [6] Group 3: Investment and Expansion - The company is investing CNY 1 billion to establish a production base focused on intelligent transmission system components, which is expected to enhance global competitiveness [6] - A new production facility in Vietnam is under construction, with revenue expected to be generated in the second half of the year [6] Group 4: Market Challenges - The decline in gross margin for the automotive gear segment is attributed to increased competition and price pressures from downstream customers [5] - The reduction in gross margin for the reducer and its components is due to strategic pricing adjustments to maintain market share and a shift in product mix [4]

Group 1: Industry Overview - As of April 25, over 180 automotive parts companies in A-shares disclosed their 2024 annual reports, with 60% of companies reporting year-on-year growth in net profit attributable to shareholders, and 13 companies achieving over 100% growth [1] - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units respectively, marking year-on-year increases of 3.7% and 4.5%, benefiting many automotive parts manufacturers [1] - The automotive parts industry is experiencing both high growth and high pressure, with some companies facing performance declines due to intensified industry competition [2] Group 2: Company Performance - Shuanglin Co., specializing in interior and exterior parts, achieved a revenue of 4.91 billion yuan, a year-on-year increase of 18.64%, and a net profit of 497 million yuan, up 514.49% [1] - Taited Co., a precision bearing manufacturer, reported total revenue of 340 million yuan, a 23.13% increase, and a net profit of 24.95 million yuan, up 216.53% [1] - Xiling Power's automotive parts business saw revenue of 1.75 billion yuan, a 15.38% increase, and a net profit of 50.61 million yuan, turning around from losses [2] - Xinzhi Group reported total revenue of 5.918 billion yuan, a 28.22% increase, but a net profit decline of 91.32% due to competitive pressures [2] - Summer Precision achieved revenue of 666 million yuan, a 26.09% increase, but faced significant margin pressure in its automotive gear segment [3] Group 3: Strategic Shifts - Many automotive parts companies are pivoting towards the humanoid robotics industry as a core strategic direction, leveraging existing technologies and customer relationships to create a "second growth curve" [3][4] - Summer Precision is focusing on the humanoid robotics sector, positioning it as a core growth area, and is accelerating the development of industrial robot gear through IPO funding [3] - Top Group is establishing an electric drive division to capitalize on opportunities in the robotics sector, integrating various resources for rapid development [4] - Companies like Xiling Power and WanTong Intelligent Control are also entering the humanoid robotics field, utilizing their technological advantages in precision processing and sensor technology [5][6] Group 4: R&D and Innovation - Shuanglin Co. has made significant advancements in precision transmission technology, establishing a trial production line for planetary roller screw products, which are critical for humanoid robots [5] - Xinzhi Group's subsidiary is focusing on core components for humanoid robots, having initiated collaborations with leading companies in the field [6] - Summer Precision is increasing investments in precision small gears and reducers to support the rapid development of humanoid robots [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is under short-term pressure, but there are expectations for growth in the humanoid robot sector, particularly through the development of ball screw and reducer technologies [2] - The company is focusing on expanding its production capacity and optimizing its production layout, with a planned investment of 1 billion yuan in the core components of intelligent transmission systems [3] - The company has a competitive edge in the humanoid robot market due to its product, technology, and customer resource synergies, as well as its in-house manufacturing capabilities [2][3] Financial Summary - For 2024, the company expects revenue of 670 million yuan, a year-on-year increase of 26%, and a net profit of 60 million yuan, a decline of 13.5%. The gross margin is projected at 22%, down 7.2 percentage points [2] - The first quarter of 2025 shows revenue of 170 million yuan, a year-on-year increase of 31%, with a net profit of 13 million yuan, down 33%. The gross margin is expected to be 20%, a decrease of 10.6 percentage points [2] - The forecast for net profit from 2025 to 2027 is 74 million yuan, 83 million yuan, and 91 million yuan, representing year-on-year growth of 20%, 12%, and 10% respectively [3][8]

Core Viewpoint - Xiaxia Precision has reported a revenue of 666 million yuan for 2024, marking a 26.09% increase year-on-year, while focusing on the long-term potential of the humanoid robot industry as a core growth direction [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 62.08 million yuan, a decrease of 13.47% compared to the previous year, and a deductive net profit of 55.04 million yuan, down 8.52% year-on-year [2]. - Research and development expenses reached 41.53 million yuan, an increase of 26.40% year-on-year, accounting for over 6% of total revenue [2]. Product and Market Strategy - The sales of automotive gears now account for over 50% of the company's revenue, indicating a strong focus on this segment [1]. - The company is enhancing its product structure and optimizing its supply chain to mitigate the impact of declining profit margins in the automotive gear sector [2]. Technological Development - The company is investing in the development of precision small gears and reducers for humanoid robots, leveraging existing technologies from the automotive sector [3]. - The company plans to acquire land for a project aimed at developing core components for intelligent transmission systems, with a total investment of up to 1 billion yuan [3]. Future Outlook - The company aims to deepen its focus on core business areas and enhance competitiveness in response to the growing demand for gears and reducers in the robotics industry [4]. - With the commercialization of humanoid robots by companies like Tesla, the demand for precision gears and core components is expected to experience explosive growth [3].

关于浙江夏厦精密制造股份有限公司 部分募投项目延期的核查意见 财通证券股份有限公司（以下简称"财通证券"或"保荐人"）作为浙江夏厦 精密制造股份有限公司（以下简称"夏厦精密"或"公司"）首次公开发行股票并 在主板上市及持续督导的保荐人，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》及《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》等有关规定，对夏厦精密部分募投项目延期情况进行了审核， 具体核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意浙江夏厦精密制造股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕1892 号），公司获准向社会公 开发行人民币普通股（A 股）股票 15,500,000 股，每股面值 1 元，每股发行价格为 人民币 53.63 元，截至 2023 年 11 月 13 日止，公司实际已向社会公开发行人民币 普通股（A 股）股票 15,500,000 股，应募集资金总额 831,265,000.00 元，减除发行 费用（不含增值税）人民币 ...

二、非经营性资金占用及其他关联资金往来情况汇总表………………第 3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕2791 号 浙江夏厦精密制造股份有限公司全体股东： 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 三、注册会计师的责任 我们的责任是在实施审计工作的基础上对夏厦精密公司管理层编制的汇总 表发表专项审计意见。 四、工作概述 我们的审计是根据中国注册会计师执业准则进行的。中国注册会计师执业准 则要求我们计划和实施审计工作，以对审计对象信息是否不存在重大错报获取合 理保证。在审计过程中，我们实施了包括核查会计记录等我们认为必要的程序。 我们相信，我们的审计工作为发表意见提供了合理的基础。 我们接受委托，审计了浙江夏厦精密制造股份有限公司（以下简称夏厦精密 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们 ...

目 录 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕2790 号 浙江夏厦精密制造股份有限公司全体股东： 我们鉴证了后附的浙江夏厦精密制股份有限公司（以下简称夏厦精密公司） 管理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供夏厦精密公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为夏厦精密公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 夏厦精密公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年 修订）》（证监会公告〔2022〕15 号）和《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作（2023 年 12 月修订）》（深证上〔2023〕 1145 号）的规定编制《关于募集资金年度存放与使用情况的专项报告》，并保 证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕2789 号 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，夏厦精密公司于 2024 年 12 月 31 日按照《企业内部控制基本规 第 1 页 共 2 页 浙江夏厦精密制造股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江夏厦精密制造股份有限公司（以下简称夏厦精密公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是夏厦 精密公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺 ...