公司点评 | 华纬科技 1H25 业绩兑现高增，全品类出海+非车端业务可期 证券研究报告 2025 年 08 月 28 日 华纬科技（001380.SZ）2025 年半年报点评 事件：公司发布 2025 年半年报，1H25 公司实现营收 9.4 亿元，同比+33%， 归母净利润 1.3 亿元，同比+56%，扣非归母净利润 1.2 亿元，同比+58%； 单 Q2 来看，公司实现营收 4.9 亿元，同环比+21%/+8%，归母净利润 0.63 亿元，同环比+55%/-1%，扣非归母净利润 0.58 亿元，同环比+48%/-5%。 深度绑定比亚迪&吉利，1H25 业绩保持高增。公司深度绑定比亚迪&吉利两 大自主品牌，1H25 比亚迪和吉利分别实现销量 215/141 万辆，同比 +33%/+47%，带动公司营收实现高增。盈利能力方面，公司上半年实现毛 利率/净利率 25.7%/13.9%，同比+1.98/+2.37pcts；单 Q2 来看，实现毛利 率/净利率 26.4%/13.2%，同比+4.22/+2.73pcts，环比+1.34/-1.40pcts，其 中净利率环比下滑主要系单季度销售/研发费用率达 3.5% ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by deep partnerships with BYD and Geely, and is expanding its global footprint through joint ventures and new product development [1][2]. Financial Performance - In 1H25, the company achieved revenue of 940 million yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 130 million yuan, up 56% year-on-year [1]. - For Q2 alone, the company reported revenue of 490 million yuan, with a quarter-on-quarter increase of 21% and a year-on-year increase of 8% [1]. - The gross margin and net margin for 1H25 were 25.7% and 13.9%, respectively, reflecting increases of 1.98 and 2.37 percentage points year-on-year [1]. Strategic Partnerships and Expansion - The company has established joint ventures with Wan'an Technology to build production bases in Mexico and Morocco, marking the beginning of its global capacity expansion [2]. - The company aims to accelerate its overseas customer base through the export of brake springs and plans to expand its product offerings to include suspension springs and stabilizer bars [2]. Product Development - The company is actively developing small spring categories and has acquired controlling interest in Wuxi Zegen Spring to expand its valve and special-shaped components scale [2]. - Collaborations with ABB in the industrial robotics sector are expected to enhance the company's non-automotive business revenue share significantly [2]. Future Projections - Revenue projections for 2025-2027 are 2.29 billion, 2.75 billion, and 3.16 billion yuan, representing year-on-year growth rates of 23%, 20%, and 15%, respectively [2]. - Net profit projections for the same period are 300 million, 370 million, and 440 million yuan, with year-on-year growth rates of 32%, 23%, and 20% [2].

Group 1 - The stock price of Huawai Technology closed at 23.45 yuan on August 27, 2025, down by 1.04 yuan, representing a decline of 4.25% from the previous trading day [1] - The trading volume on that day was 81,500 hands, with a transaction amount of 197 million yuan, resulting in a turnover rate of 9.26% [1] - As of August 20, the latest number of shareholders for Huawai Technology was 22,348, which decreased by 21.38% compared to August 10 [1] Group 2 - On August 27, the net outflow of main funds was 31.9949 million yuan, with a cumulative net outflow of 62.7177 million yuan over the past five days [1] - Huawai Technology operates in the general equipment industry, primarily engaged in the manufacturing of automotive parts, including suspension springs and stabilizer bars [1]

Group 1 - Aofei Data achieved a net profit of 87.89 million yuan in the first half of 2025, a year-on-year increase of 16.09% [1] - Aofei Data's revenue for the same period was 1.148 billion yuan, up 8.20% year-on-year [1] - The company specializes in IDC services, internet business, system integration, and distributed photovoltaic energy-saving services [1] Group 2 - Meilan De reported a net profit of 63.92 million yuan, a year-on-year decrease of 11.96% [1] - The company's revenue was 241 million yuan, reflecting a growth of 5.62% year-on-year [1] - Meilan De focuses on the research, production, sales, and service of medical devices related to pelvic and obstetric rehabilitation [1] Group 3 - Jiuan Medical posted a net profit of 920 million yuan, a significant year-on-year increase of 52.91% [1] - The company's revenue decreased by 43.35% to 765 million yuan [1] - Jiuan Medical specializes in the research, production, and sales of home medical devices [2] Group 4 - Hanbang Technology's net profit fell by 26.24% to 27.80 million yuan [2] - The company achieved a revenue of 349 million yuan, a growth of 5.99% year-on-year [2] - Hanbang Technology provides professional separation and purification equipment, consumables, and technical solutions for the pharmaceutical and life sciences sectors [2] Group 5 - Jinjing Environment reported a net profit of 78.69 million yuan, a year-on-year increase of 13.73% [2] - The company's revenue was 782 million yuan, reflecting a growth of 1.70% [2] - Jinjing Environment focuses on investment operation management services and equipment manufacturing in the environmental sanitation sector [2] Group 6 - Tianbao Infrastructure achieved a net profit of 118 million yuan, a remarkable year-on-year increase of 2106.58% [3] - The company's revenue decreased by 8.31% to 486 million yuan [3] - Tianbao Infrastructure is involved in real estate development, property leasing, and management [4] Group 7 - Weihuaxin Materials reported a net profit of 83.15 million yuan, a year-on-year decrease of 52.91% [5] - The company's revenue was 437 million yuan, down 30.71% year-on-year [5] - Weihuaxin Materials specializes in the research and production of chlorotoluene and trifluoromethylbenzene products [5] Group 8 - Tianchen Medical posted a net profit of 48.21 million yuan, a year-on-year increase of 67.10% [6] - The company's revenue was 156 million yuan, reflecting a growth of 17.66% [6] - Tianchen Medical focuses on the research, innovation, and production of high-end surgical staplers [6] Group 9 - Greenland Holdings reported a net loss of 3.506 billion yuan in the first half of 2025 [8] - The company's revenue was 9.45 billion yuan, down 18.06% year-on-year [8] - Greenland Holdings is involved in various financial services including securities, futures, and trust [8] Group 10 - Wukuang Capital's net profit decreased by 41.47% to 525 million yuan [9] - The company achieved a total revenue of 623 million yuan, a significant increase of 144.86% [9] - Wukuang Capital operates in the financial sector, providing services such as securities and leasing [9] Group 11 - Yutong Technology reported a net profit of 554 million yuan, a year-on-year increase of 11.42% [10] - The company's revenue was 7.876 billion yuan, reflecting a growth of 7.10% [10] - Yutong Technology specializes in the research, design, production, and sales of paper packaging products [10] Group 12 - Wewei Co. posted a net profit of 120 million yuan, a year-on-year decrease of 20.14% [11] - The company's revenue was 1.521 billion yuan, down 12.76% year-on-year [11] - Wewei Co. focuses on the production and sales of various food and beverage products [11] Group 13 - Tongfang Co. reported a net loss of 256 million yuan in the first half of 2025 [12] - The company's revenue was 5.667 billion yuan, down 10.09% year-on-year [12] - Tongfang Co. is engaged in the development of smart technology and nuclear technology applications [12] Group 14 - Liugang Co. achieved a net profit of 368 million yuan, a year-on-year increase of 579.54% [13] - The company's revenue was 34.675 billion yuan, down 8.32% [13] - Liugang Co. specializes in coke, sintering, iron, steel smelting, and steel processing [13] Group 15 - China National Petroleum Corporation reported a net profit of 83.993 billion yuan, with a proposed dividend of 0.22 yuan per share [14] - The company's revenue was 1.45 trillion yuan, down 6.7% year-on-year [14] - The company is involved in oil and gas exploration, production, refining, and sales [14] Group 16 - Fangda Carbon's net profit decreased by 68.31% to 54.53 million yuan [15] - The company's revenue was 1.690 billion yuan, down 28.13% year-on-year [15] - Fangda Carbon specializes in the research, production, and sales of graphite and carbon materials [15] Group 17 - Xinmai Medical reported a net profit of 31.5 million yuan, a year-on-year decrease of 22.03% [18] - The company's revenue was 714 million yuan, down 9.24% year-on-year [18] - Xinmai Medical focuses on the research, production, and sales of vascular intervention medical devices [18] Group 18 - Hengbao Co. posted a net profit of 35.35 million yuan, a year-on-year decrease of 44.41% [19] - The company's revenue was 430 million yuan, down 8.64% year-on-year [19] - Hengbao Co. specializes in high-end intelligent products and digital security solutions [19] Group 19 - Zhongji Xuchuang reported a net profit of 3.995 billion yuan, a year-on-year increase of 69.40% [20] - The company's revenue was 14.789 billion yuan, reflecting a growth of 36.95% [20] - Zhongji Xuchuang specializes in high-end optical communication modules and devices [20] Group 20 - Guangxian Media achieved a net profit of 2.229 billion yuan, a year-on-year increase of 371.55% [21] - The company's revenue was 3.242 billion yuan, up 143.00% year-on-year [21] - Guangxian Media focuses on investment, production, and distribution of film projects [21] Group 21 - Huarun Pharmaceutical reported a net profit of 37.33 million yuan, a year-on-year decrease of 49.01% [23] - The company's revenue was 624 million yuan, down 19.13% year-on-year [23] - Huarun Pharmaceutical specializes in pharmaceuticals, medical devices, and health products [23] Group 22 - Huawai Technology posted a net profit of 12.7 million yuan, a year-on-year increase of 56.18% [24] - The company's revenue was 937 million yuan, reflecting a growth of 32.62% [24] - Huawai Technology focuses on the research, production, and sales of high-end elastic components [24]

Core Viewpoint - Huawei Technology (001380) reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, indicating a robust operational efficiency and market position [1] Financial Performance - The company achieved operating revenue of 937 million yuan, representing a year-on-year increase of 32.62% [1] - The net profit attributable to shareholders reached 127 million yuan, reflecting a year-on-year growth of 56.18% [1] - Basic earnings per share were reported at 0.4683 yuan [1] Operational Efficiency - The production rhythm of suspension system components has been continuously optimized during the reporting period [1] - Management efficiency has shown consistent improvement, contributing to the overall growth in operational performance [1] Market Position - The company's strong market position is supported by its independent research and development capabilities [1] - A solid customer base has played a crucial role in sustaining stable growth in business performance [1]

证券代码：001380 证券简称：华纬科技 公告编号：2025-071 华纬科技股份有限公司 建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 09 月 01 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 关于举行2025年半年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 09 月 01 日 前 访 问 网 址 https://eseb.cn/1qWjZiJITde 或使用微信扫描下方小程序码进行会前提问，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。 华纬科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日在巨潮 资讯网上披露了《华纬科技股份有限公司 2025 年半年度报告》及《华纬科技股 份有限公司 2025 年半年度报告摘要》。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 ...

证券代码：001380 证券简称：华纬科技 公告编号：2025-070 根据中国证券监督管理委员会《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）、《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》以及《深 圳证券交易所上市公司自律监管指南第 2 号——公告格式》的相关规定，华纬科技 股份有限公司（以下简称"公司"）就 2025 年半年度募集资金存放与使用情况作 如下专项报告： 一、募集资金基本情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华纬科技股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 （一）实际募集资金金额、资金到位情况 为规范公司募集资金管理和使用，保护投资者权益，公司已制订《募集资金管 理制度》，并对募集资金进行了专项存储。根据《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》《深圳证券交易所股票上市规则》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》等相关法 律、法规和 ...

华纬科技股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核 算的会计科 | 2025 年期 初占用资金 | 2025 年半 年度占用累 计发生金额 | 2025 年 半年度 占用资 金的利 | 2025 年半 年度偿还 累计发生 | 2025 年半 年度期末 占用资金 | 占用 形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 目 | 余额 | （不含利 | 息(如 | 金额 | 余额 | 原因 | | | | | | | | 息） | 有) | | | | | | 现控股股东、实际控制 | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | - | - | | 前控股股东、实际控制 | | | | | | | | | ...

华纬科技股份有限公司 2025 年半年度财务报告 华纬科技股份有限公司 2025 年半年度财务报告 2025 年 8 月 华纬科技股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 （一）合并资产负债表 编制单位：华纬科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 269,107,250.93 | 205,957,866.91 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 226,572,019.64 | 279,639,516.02 | | 衍生金融资产 | | | | 应收票据 | 24,678,028.40 | 38,888,902.80 | | 应收账款 | 740,086,338.75 | 858,845,843.84 | | 应收款项融资 | 376,355,398.37 | 413,718,349.90 ...

证券代码：001380 证券简称：华纬科技 公告编号：2025-069 华纬科技股份有限公司 一、董事会会议召开情况 华纬科技股份有限公司（以下简称"公司"）第三届董事会第二十九次会议 于 2025 年 8 月 25 日（星期一）在公司会议室以现场结合通讯的方式召开。会议 通知已于 2025 年 8 月 15 日通过邮件和通讯方式送达各位董事。本次会议应出席 董事 9 人，实际出席董事 9 人（其中：霍新潮先生、金锦女士、陈文晓先生、董 舟江先生、王丽女士，共 5 位董事以通讯表决方式出席）。部分高管列席会议。 本次会议的出席人数、召集、召开程序和审议内容均符合《中华人民共和国 公司法》等有关法律、行政法规、部门性规章、规范性文件及《华纬科技股份有 限公司章程》等有关规定。 二、董事会会议审议情况 1、以 9 票同意，0 票反对，0 票弃权，0 票回避，审议通过了《关于<2025 年半年度报告及其摘要>的议案》 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2025 年半年度报告》《2025 年半年度报告摘要》（公告编号 ...