Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a robust performance in the first half of 2025, with revenue reaching 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to shareholders of 441 million yuan, up 9.53% year-on-year [2] - The growth in the passenger vehicle segment, driven by the rapid development of the new energy vehicle industry, is a key growth driver [3] - The digital energy business is accelerating, opening new growth opportunities [4] - The company's global expansion efforts have shown significant results, with improved profitability in overseas markets [5] - Short-term profitability is under pressure, but the company continues to invest in research and development [6] - The company is strategically positioning itself in the robotics sector, aiming to create a new growth curve [7] Summary by Sections Passenger Vehicle Business - The passenger vehicle segment generated revenue of 3.834 billion yuan, a year-on-year increase of 20.48%, accounting for 53.48% of total revenue [3] - The rapid growth of the new energy vehicle market, with a penetration rate of 44.3% in the first half of 2025, has contributed to this growth [3] - The company secured over 200 new projects during the reporting period, expected to generate an additional annual revenue of 5.537 billion yuan upon reaching full production [3] Digital Energy Business - Revenue from the digital energy segment reached 692 million yuan, a significant increase of 58.94% year-on-year [4] - The company has successfully expanded into data centers, energy storage, and other fields, with new projects expected to generate an additional annual revenue of 637 million yuan [4] Global Expansion - The company's overseas revenue reached 526 million yuan in Europe, up 43.76% year-on-year, and 1.108 billion yuan in North America, up 7.24% year-on-year [5] - The North American operations achieved a net profit of 34.43 million yuan, while the new factory in Poland turned profitable, indicating a significant improvement in overall profitability [5] Profitability and R&D Investment - The gross margin for the first half of 2025 was 19.25%, a decrease of 1.98 percentage points year-on-year [6] - The company invested 277 million yuan in R&D, accounting for 3.86% of revenue, to support technological leadership and new business development [6] Robotics Sector - The company is proactively developing humanoid robots and has established a product system focusing on key components and solutions [7] - Significant progress has been made in product development and partnerships, enhancing the company's market presence [7] Financial Forecast - The company is expected to achieve revenues of 16.03 billion yuan, 18.88 billion yuan, and 21.57 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.048 billion yuan, 1.251 billion yuan, and 1.503 billion yuan [9][11]

Core Viewpoint - Pension funds are actively investing in the secondary market, appearing in the top ten circulating shareholder lists of 113 stocks by the end of the second quarter, with a total holding of 1.01 billion shares valued at 20.83 billion yuan [1][2]. Group 1: Pension Fund Holdings - By the end of Q2, pension funds held a total of 1.01 billion shares across 113 stocks, with a combined market value of 20.83 billion yuan [1]. - The largest holding was in Haiyou Development, with the Basic Pension Insurance Fund 808 Combination being the fifth largest circulating shareholder, holding 52.10 million shares [1][2]. - The second largest holding was in Mingtai Aluminum, with the Basic Pension Insurance Fund 802 Combination as the third largest circulating shareholder, holding 45.00 million shares [1][2]. Group 2: Stock Performance and Industry Distribution - Among the stocks held by pension funds, 55 had a market value exceeding 100 million yuan, including Chuangfeng Power, Lanxiao Technology, and Jiuli Special Materials [1]. - The highest net profit growth among the stocks was seen in Rongzhi Rixin, which achieved a net profit of 14.24 million yuan, a year-on-year increase of 2063.42% [2]. - The distribution of stocks held by pension funds includes 80 on the Main Board, 9 on the Sci-Tech Innovation Board, and 24 on the Growth Enterprise Market, with a concentration in the basic chemical and machinery equipment sectors [2]. Group 3: Detailed Holdings - The top holdings by pension funds include: - Haiyou Development: 52.10 million shares, a 5.68% increase, representing 0.51% of circulating shares [2]. - Mingtai Aluminum: 45.00 million shares, a 5.17% decrease, representing 3.69% of circulating shares [2]. - Jiuli Special Materials: 36.04 million shares, a 0.28% increase, representing 3.77% of circulating shares [2]. - Other notable holdings include: - Shun'an Environment: 36.00 million shares, a 28.57% increase, representing 3.93% of circulating shares [2]. - Hongfa Shares: 28.22 million shares, a 64.93% increase, representing 1.93% of circulating shares [2].

养老金视角，本期较上一季度持股减少的养老金基金共计1个，即基本养老保险基金一零零三组合，持 股减少占比小幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月27日，银轮股份(002126.SZ)发布2025年半年度报告。截至2025年8月26日，共有77个机构投 资者披露持有银轮股份A股股份，合计持股量达1.55亿股，占银轮股份总股本的18.58%。其中，前十大 机构投资者包括宁波正晟企业管理合伙企业(有限合伙)、基本养老保险基金一零零三组合、全国社保基 金四零六组合、香港中央结算有限公司、全国社保基金一一六组合、中国石油天然气集团公司企业年金 计划-中国工商银行股份有限公司、中汇人寿保险股份有限公司-传统产品、招商银行股份有限公司-南方 中证1000交易型开放式指数证券投资基金、澳门金融管理局-自有资金、华夏中证1000ETF，前十大机 构投资者合计持股比例达14.51%。相较于上一季度，前十大机构持股比例合计下跌了1.69个百分点。 对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金四零六组合，持股增加占比 小幅上涨。。本期较上一季度持股减少的社 ...

Core Viewpoint - The stock price of Yinlun Holdings is reported at 37.80 yuan, experiencing a decline of 1.76 yuan or 4.45% from the previous trading day [1] Group 1: Company Performance - Yinlun Holdings specializes in the research, production, and sales of automotive heat exchangers, which are widely used in automotive engines, transmissions, and air conditioning systems [1] - According to the company's disclosed semi-annual report for 2025, it achieved an operating revenue of 7.168 billion yuan, representing a year-on-year growth of 16.52% [1] - The net profit attributable to shareholders of the listed company was 441 million yuan, reflecting a year-on-year increase of 9.53% [1] - The net profit after deducting non-recurring gains and losses was 425 million yuan, showing a year-on-year growth of 16.62% [1] Group 2: Market Activity - On August 26, the net outflow of main funds was 139.814 million yuan, accounting for 0.47% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 285.7202 million yuan, representing 0.96% of the circulating market value [1]

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

浙江银轮机械股份有限公司 2025年半年度募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告〔2025〕 10 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》《深 圳证券交易所上市公司自律监管指南第 2 号——公告格式》等相关规定，本公司就 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 （一） 2017 年非公开发行募集资金情况 1、实际募集资金金额、资金到位情况 经中国证券监督管理委员会《关于核准浙江银轮机械股份有限公司非公开发行股票 的批复》（证监许可〔2017〕63 号）核准，由主承销商国泰君安证券股份有限公司采用 非公开发行方式发行人民币普通股（A 股）80,001,664 股。每股发行价为人民币 9.01 元， 共募集资金人民币 720,814,992.64 元，扣除发行费用 14,032,707.42 元后，实际募集资金 净额为 706,782,285.22 元。 上述资金到位情况业经立信会计师事务所（特殊普通合伙）审验，并由其出具信会 师报字[2017]第 ZF10636 号验资报告。 ...

浙江银轮机械股份有限公司 2025 年半年度财务报告 浙江银轮机械股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 浙江银轮机械股份有限公司 2025 年半年度财务报告 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 1、合并资产负债表 编制单位：浙江银轮机械股份有限公司 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 | 2,241,190,714.40 | 2,186,754,049.81 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 917,399,413.57 | 408,506,022.95 | | 衍生金融资产 | | | | 应收票据 | 548,077,306.51 | 402,230,124.98 | | 应收账款 | 4,980,923,319.86 | 4,637,438,329.56 | | 应收款项融资 | 1,338,970,468.50 ...

上市公司的 子公司及其 | 其它关联资 | | 往来方与上市公司的 | 上市公司核算 | 2025年期初往来资 | 2025年度往来累计 | 2022度往来资 | 2025年度偿还累计 | 2025年期末往来 | 往来形成 | 往来性质 （经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金往来 | 资金往来方名称 | 关联关系 | 的会计科目 | 金余额 | 发生金额（不含利 | 金的利息(如 | 发生金额 | 资金余额 | 原因 | 、 非经营性往 | | | | | | | 息） | 有) | | | | 来） | | | 浙江开山银轮换热器有限公司 | 控股子公司 | 应收账款 | - | 60.20 | | 44.95 | 15.25 | 货款 | 经营性往来 | | | 天台银申铝业有限公司 | 控股子公司 | 应收账款 | - | 131.92 | | 131.92 | - | 货款 | 经营性往来 | | | 上海银轮热交换系统有限公司 | 全资子公司 | 应收账款 | - | 152.6 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于向上海银轮投资有限公司增资暨对外投资的公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开第九届董 事会第二十七次会议，审议通过了《关于向上海银轮投资有限公司增资暨对外投资的议 案》，同意公司使用自有资金向上海银轮投资有限公司（以下简称"上海银轮投资"）增 资 15,000 万元人民币。 根据《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 7号——交易与关联交易》《公司章程》等相关规定，该事项在公司董事会的审批权限 内。本次对外投资事项不涉及关联交易，也不构成重大资产重组行为。现将相关事项公 告如下： 一、对外投资概述 为拓展东盟市场，响应客户对全球供应链安全的诉求，满足客户的全球属地化采购 需求，公司拟使用自有资金向上海银轮投资增资 15, ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号： 2025-066 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 第九届监事会第十九次会议决议公告 本公司及监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。 浙江银轮机械股份有限公司第九届监事会第十九次会议通知于2025年8月21日以传 真和电子邮件方式发送各位监事，会议于2025年8月26日在公司会议室召开。会议应到 监事3人，实到监事3人，符合《公司法》《公司章程》的有关规定。会议由监事会主席 朱文彬先生主持，经表决形成决议如下： 一、审议通过了《2025年半年度报告及摘要》 表决结果：同意3票、反对0票、弃权0票。同意票数占全体监事票数的100%。 经审核，监事会认为：董事会编制和审核公司2025年半年度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、审议通过了《2025年半年度募集资金存放与使用情况专项报告》 ...